78R6368 KSD-D
By: Davis of Harris H.B. No. 3350
A BILL TO BE ENTITLED
AN ACT
relating to authorizing the issuance of revenue bonds for the
University of Houston System.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter B, Chapter 55, Education Code, is
amended by adding Section 55.1743 to read as follows:
Sec. 55.1743. THE UNIVERSITY OF HOUSTON SYSTEM. (a) In
addition to the other authority granted by this subchapter, the
board of regents of the University of Houston System may acquire,
purchase, construct, improve, renovate, enlarge, or equip
property, buildings, structures, facilities, roads, or related
infrastructure for the University of Houston System, including the
individual campuses of the system, to be financed by the issuance of
bonds in accordance with this subchapter and in accordance with a
systemwide revenue financing program adopted by the board in an
aggregate principal amount not to exceed $25 million.
(b) The board may pledge irrevocably to the payment of those
bonds all or any part of the revenue funds of an institution,
branch, or entity of the University of Houston 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.
(c) 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 University
of Houston 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. 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.