78R8821 T
By: Krusee H.B. No. 2522
A BILL TO BE ENTITLED
AN ACT
relating to authorizing the issuance of revenue bonds for the
Southwest Texas State University Multi-Institution Teaching Center
to finance facilities to address the Central Texas high growth
corridor and exempting facilities financed by the bonds from prior
approval by Texas Higher Education Coordinating Board.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter B, Chapter 55.1734, Education Code,
is amended by adding a new subsection 55.1734(e) to read as follows:
Sec. 55.1734(e). THE SOUTHWEST TEXAS STATE UNIVERSITY
MULTI-INSTITUTION TEACHING CENTER; ADDITIONAL REVENUE BONDS. (1)
In addition to the other authority granted by this chapter, the
board of regents of the Texas State University System may acquire,
purchase, construct, improve, renovate, enlarge, or equip
property, buildings, structures, or other facilities, including
roads and related infrastructure, for the Southwest Texas State
University MITC, to be used primarily to construct facilities to
address the Central Texas high growth corridor as identified by the
Higher Education Coordinating Board 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 $26 million.
(2) The board may pledge irrevocably to the payment of
the bonds authorized by Subsection (1) all or any part of the
revenue funds of an institution, branch or entity of the Texas State
University System, 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.
(3) If sufficient funds are not available to the board
to meet its obligations under this section, the board may transfer
funds among institutions, branches, and entities of the Texas State
University System to ensure the most equitable and efficient
allocation of available resources for each institution, branch, or
entity to carry out its duties and purposes.
SECTION 2. Section 61.0572(e), Education Code, is amended
to read as follows:
(e) Approval of the board is not required to acquire real
property that is financed by bonds issued under Section 55.17(e)(3)
or (4), 55.1713-55.1718, 55.1721-55.1728, [or] 55.174, or
55.1734(e), except that the board shall review all real property to
be financed by bonds issued under those sections to determine
whether the property meets the standards adopted by the board for
cost, efficiency, and space use. If the property does not meet
those standards, the board shall notify the governor, the
lieutenant governor, the speaker of the house of representatives,
and the Legislative Budget Board.
SECTION 3. Section 61.058(b), Education Code, is amended to
read as follows:
(b) This section does not apply to construction, repair, or
rehabilitation financed by bonds issued under Section 55.17(e)(3)
or (4), 55.1713-55.1718, 55.1721-55.1728, [or] 55.174, or
55.1734(e), except that the board shall review all construction,
repair, or rehabilitation to be financed by bonds issued under
those sections to determine whether the construction,
rehabilitation, or repair meets the standards adopted by board rule
for cost, efficiency, and space use. If the construction,
rehabilitation, or repair does not meet those standards, the board
shall notify the governor, the lieutenant governor, the speaker of
the house of representatives, and the Legislative Budget Board.
SECTION 4. 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 September 1, 2003.