By Dunnam                                              H.B. No. 963
         77R4281 KEL-D                           
                                A BILL TO BE ENTITLED
 1-1                                   AN ACT
 1-2     relating to authorizing the issuance of revenue bonds for the Texas
 1-3     State Technical College System.
 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 55.1739 to read as follows:
 1-7           Sec. 55.1739.  TEXAS STATE TECHNICAL COLLEGE SYSTEM.  (a)  In
 1-8     addition to the other authority granted by this subchapter, the
 1-9     board of regents of the Texas State Technical College System may
1-10     acquire, purchase, construct, improve, renovate, enlarge, or equip
1-11     property, buildings, structures, facilities, roads, or related
1-12     infrastructure for the Texas State Technical College System,
1-13     including the individual campuses of the system, to be financed by
1-14     the issuance of bonds in accordance with this subchapter, including
1-15     bonds issued in accordance with a systemwide revenue financing
1-16     program and secured as provided by that program in an aggregate
1-17     principal amount not to exceed $22 million.
1-18           (b)  The board may pledge irrevocably to the payment of those
1-19     bonds all or any part of the revenue funds of an institution,
1-20     branch, or entity of the Texas State Technical College System,
1-21     including student tuition charges.  The amount of a pledge made
1-22     under this subsection may not be reduced or abrogated while the
1-23     bonds for which the pledge is made, or bonds issued to refund those
1-24     bonds, are outstanding.
 2-1           (c)  If sufficient funds are not available to the board to
 2-2     meet its obligations under this section, the board may transfer
 2-3     funds among institutions, branches, and entities of the Texas State
 2-4     Technical College System to ensure the most equitable and efficient
 2-5     allocation of available resources for each institution, branch, or
 2-6     entity to carry out its duties and purposes.
 2-7           SECTION 2.  This Act takes effect immediately if it receives
 2-8     a vote of two-thirds of all the members elected to each house, as
 2-9     provided by Section 39, Article III, Texas Constitution.  If this
2-10     Act does not receive the vote necessary for immediate effect, this
2-11     Act takes effect September 1, 2001.