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By: Davis of Harris, Edwards, Wong, Woolley H.B. No. 3351
A BILL TO BE ENTITLED
AN ACT
relating to authorizing the issuance of revenue bonds for The
University of Texas Health Science Center at Houston for the
replacement of research and academic facilities lost in Tropical
Storm Allison.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter B, Chapter 55, Education Code, is
amended by adding Section 55.17321 to read as follows:
Sec. 55.17321. THE UNIVERSITY OF TEXAS SYSTEM; ADDITIONAL
REVENUE BONDS. (a) In addition to the other authority granted by
this subchapter, the board of regents of The University of Texas
System may acquire, purchase, construct, improve, renovate,
enlarge, or equip property, buildings, structures, facilities,
roads, or related infrastructure for The University of Texas Health
Science Center at Houston for the replacement of research and
academic facilities lost in Tropical Storm Allison, to be financed
by the issuance of bonds in accordance with this subchapter,
including bonds issued in accordance with its systemwide revenue
financing program and secured as provided by that program in
aggregate principal amounts not to exceed $30 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 an institution, branch, or entity of The University of
Texas System, including student tuition charges required or
authorized by law to be imposed on students enrolled at an
institution, branch, or entity of The University of Texas System.
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 Texas System to ensure the most equitable and efficient
allocation of available resources for each institution, branch, or
entity to carry out its constitutional and statutory duties and
purposes.
SECTION 2. Subsection (e), Section 61.0572, 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) or Sections 55.1713-55.174[, 55.1713-55.1718,
55.1721-55.1728, or 55.174], 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. Subsection (b), Section 61.058, 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) or Sections 55.1713-55.174[, 55.1713-55.1718,
55.1721-55.1728, or 55.174], 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.