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78S10292 KSD-F

By:  Shapleigh                                                    S.B. No. 50 



A BILL TO BE ENTITLED

AN ACT

relating to authorizing the issuance of revenue bonds for the Texas 
Tech University Health Sciences Center for an academic building to 
support the center's educational programs in the city of El Paso.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:                        
	SECTION 1.  Subchapter B, Chapter 55, Education Code, is 
amended by adding Section 55.1749 to read as follows:
	Sec. 55.1749.  TEXAS TECH UNIVERSITY SYSTEM; ADDITIONAL 
REVENUE BONDS.  (a)  In addition to the other authority granted by 
this subchapter, the board of regents of the Texas Tech University 
System may acquire, purchase, construct, improve, renovate, 
enlarge, or equip property, buildings, structures, or other 
facilities, including roads and related infrastructure, for the 
Texas Tech University Health Sciences Center for an academic 
building to support the center's educational programs in the city 
of El Paso, to be financed by the issuance of bonds in accordance 
with this subchapter, including bonds issued in accordance with a 
systemwide revenue financing program and secured as provided by 
that program, in an aggregate principal amount not to exceed $45 
million.
	(b)  The board may pledge irrevocably to the payment of the 
bonds authorized by Subsection (a) all or any part of the revenue 
funds of Texas Tech University or the Texas Tech University Health 
Sciences Center, including student tuition charges.  The amount of 
a pledge made under this subsection may not be reduced or abrogated 
while the bonds for which the pledge is made, or bonds issued to 
refund those bonds, are outstanding.
	(c)  If sufficient funds are not available to the board to 
meet its obligations under this section, the board may transfer 
funds between Texas Tech University and the Texas Tech University 
Health Sciences Center to ensure the most equitable and efficient 
allocation of available resources for Texas Tech University and the 
Texas Tech University Health Sciences Center to carry out their 
duties and purposes.
	(d)  Any portion of the proceeds of bonds authorized by this 
section that is not required for the academic building described by 
Subsection (a) may be used by the Texas Tech University System to 
renovate existing structures and facilities of the Texas Tech 
University Health Sciences Center.
	SECTION 2.  This Act takes effect immediately if it receives 
a vote of two-thirds of all the members elected to each house, as 
provided by Section 39, Article III, Texas Constitution.  If this 
Act does not receive the vote necessary for immediate effect, this 
Act takes effect on the 91st day after the last day of the 
legislative session.