By Junell H.B. No. 658 77R3622 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 Sections 55.1731 and 55.1733 to read as follows: 1-7 Sec. 55.1731. THE TEXAS A&M UNIVERSITY SYSTEM; ADDITIONAL 1-8 BONDS. (a) In addition to the other authority granted by this 1-9 subchapter, the board of regents of The Texas A&M University System 1-10 may acquire, purchase, construct, improve, renovate, enlarge, or 1-11 equip property, buildings, structures, facilities, roads, or 1-12 related infrastructure for Texas A&M International University to be 1-13 financed by the issuance of bonds in accordance with this 1-14 subchapter and in accordance with a systemwide revenue financing 1-15 program adopted by the board in an aggregate principal amount not 1-16 to exceed $100,000. 1-17 (b) The board may pledge irrevocably to the payment of those 1-18 bonds all or any part of the revenue funds of an institution, 1-19 branch, or entity of The Texas A&M University System, including 1-20 student tuition charges. The amount of a pledge made under this 1-21 subsection may not be reduced or abrogated while the bonds for 1-22 which the pledge is made, or bonds issued to refund those bonds, 1-23 are outstanding. 1-24 (c) If sufficient funds are not available to the board to 2-1 meet its obligations under this section, the board may transfer 2-2 funds among institutions, branches, and entities of The Texas A&M 2-3 University System to ensure the most equitable and efficient 2-4 allocation of available resources for each institution, branch, or 2-5 entity to carry out its duties and purposes. 2-6 Sec. 55.1733. THE UNIVERSITY OF HOUSTON SYSTEM; ADDITIONAL 2-7 BONDS. (a) In addition to the other authority granted by this 2-8 subchapter, the board of regents of the University of Houston 2-9 System may acquire, purchase, construct, improve, renovate, 2-10 enlarge, or equip property, buildings, structures, facilities, 2-11 roads, or related infrastructure for the University of 2-12 Houston--Clear Lake to be financed by the issuance of bonds in 2-13 accordance with this subchapter and in accordance with a systemwide 2-14 revenue financing program adopted by the board in an aggregate 2-15 principal amount not to exceed $100,000. 2-16 (b) The board may pledge irrevocably to the payment of those 2-17 bonds all or any part of the revenue funds of an institution, 2-18 branch, or entity of the University of Houston System, including 2-19 student tuition charges. The amount of a pledge made under this 2-20 subsection may not be reduced or abrogated while the bonds for 2-21 which the pledge is made, or bonds issued to refund those bonds, 2-22 are outstanding. 2-23 (c) If sufficient funds are not available to the board to 2-24 meet its obligations under this section, the board may transfer 2-25 funds among institutions, branches, and entities of the University 2-26 of Houston System to ensure the most equitable and efficient 2-27 allocation of available resources for each institution, branch, or 3-1 entity to carry out its duties and purposes. 3-2 SECTION 2. This Act takes effect immediately if it receives 3-3 a vote of two-thirds of all the members elected to each house, as 3-4 provided by Section 39, Article III, Texas Constitution. If this 3-5 Act does not receive the vote necessary for immediate effect, this 3-6 Act takes effect September 1, 2001.