By Ellis                                        S.B. No. 1468

      75R6968 JSA-F                           

                                A BILL TO BE ENTITLED

 1-1                                   AN ACT

 1-2     relating to authorizing the issuance of revenue bonds for Texas

 1-3     Southern University.

 1-4           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

 1-5           SECTION 1.  Subchapter B, Chapter 55, Education Code, is

 1-6     amended by adding Section 55.174 to read as follows:

 1-7           Sec. 55.174.  TEXAS SOUTHERN UNIVERSITY.  (a)  In addition to

 1-8     other authority granted by this subchapter, the board of regents of

 1-9     Texas Southern University may acquire, purchase, construct,

1-10     improve, renovate, enlarge, or equip property, buildings,

1-11     structures, facilities, roads, or related infrastructure for Texas

1-12     Southern University to be financed by the issuance of bonds in

1-13     accordance with this subchapter and in accordance with a revenue

1-14     financing program adopted by the board in an aggregate principal

1-15     amount not to exceed $55 million.

1-16           (b)  The board may pledge irrevocably to the payment of those

1-17     bonds all or any part of the revenue funds of Texas Southern

1-18     University, including student tuition charges required or

1-19     authorized by law to be imposed on students enrolled at the

1-20     university.  The amount of a pledge made under this subsection may

1-21     not be reduced or abrogated while the bonds for which the pledge is

1-22     made, or bonds issued to refund those bonds, are outstanding.

1-23           SECTION 2.  The importance of this legislation and the

1-24     crowded condition of the calendars in both houses create an

 2-1     emergency and an imperative public necessity that the

 2-2     constitutional rule requiring bills to be read on three several

 2-3     days in each house be suspended, and this rule is hereby suspended,

 2-4     and that this Act take effect and be in force from and after its

 2-5     passage, and it is so enacted.