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78R6224 JSA-D
By: Shapiro S.B. No. 932
A BILL TO BE ENTITLED
AN ACT
relating to authorizing the issuance of revenue bonds for The
University of Texas Southwestern Medical Center at Dallas to
finance biomedical research facilities and exempting the
facilities financed by the bonds from prior approval by the Texas
Higher Education Coordinating Board.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter B, Chapter 55, Education Code, is
amended by adding Section 55.17421 to read as follows:
Sec. 55.17421. THE UNIVERSITY OF TEXAS SOUTHWESTERN MEDICAL
CENTER AT DALLAS; 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, or other facilities, including roads and related
infrastructure, for The University of Texas Southwestern Medical
Center at Dallas, to be used primarily to conduct biomedical
research and 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 $56
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. 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 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
55.17421, 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
55.17421, 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.