By Truan                                        S.B. No. 1889

      75R9365 JSA-D                           

                                A BILL TO BE ENTITLED

 1-1                                   AN ACT

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

 1-3     public institutions of higher education.

 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 55.1719  to read as follows:

 1-7           Sec. 55.1719.  THE TEXAS A&M UNIVERSITY SYSTEM.  (a)  In

 1-8     addition to the other authority granted by this subchapter, the

 1-9     board of regents of The Texas A&M University System may acquire,

1-10     purchase, construct, improve, renovate, enlarge, or equip property,

1-11     buildings, structures, facilities, roads, or related infrastructure

1-12     for the following institutions to be financed by the issuance of

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

1-14     systemwide revenue financing program adopted by the board in

1-15     aggregate principal amounts not to exceed the following amounts:

1-16                 (1)  Texas A&M University--Corpus Christi, $30 million;

1-17     and

1-18                 (2)  Texas A&M University--Kingsville, $17.5 million.

1-19           (b)  The board may pledge irrevocably to the payment of those

1-20     bonds all or any part of the revenue funds of an institution,

1-21     branch, or entity of The Texas A&M University System, including

1-22     student tuition charges required or authorized by law to be imposed

1-23     on students enrolled at an institution, branch, or entity of The

1-24     Texas A&M University System.  The amount of a pledge made under

 2-1     this subsection may not be reduced or abrogated while the bonds for

 2-2     which the pledge is made, or bonds issued to refund those bonds,

 2-3     are outstanding.

 2-4           (c)  If sufficient funds are not available to the board to

 2-5     meet its obligations under this section, the board may transfer

 2-6     funds among institutions, branches, and entities of The Texas A&M

 2-7     University System to ensure the most equitable and efficient

 2-8     allocation of available resources for each institution, branch, or

 2-9     entity to carry out its constitutional and statutory duties and

2-10     purposes.

2-11           SECTION 2.  The importance of this legislation and the

2-12     crowded condition of the calendars in both houses create an

2-13     emergency and an imperative public necessity that the

2-14     constitutional rule requiring bills to be read on three several

2-15     days in each house be suspended, and this rule is hereby suspended,

2-16     and that this Act take effect and be in force from and after its

2-17     passage, and it is so enacted.