By: Ellis S.B. No. 362
A BILL TO BE ENTITLED
AN ACT
Relating to authorizing the issuance of revenue bonds for the
University of Houston for recovery from Tropical Storm Allison
recovery.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 55.17393 (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 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 required or authorized by law to be imposed on
students enrolled at an institution, branch, or entity of the
University of Houston 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 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 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, 2005.