79S10854 CAS-D

By:  McClendon                                                    H.B. No. 110



A BILL TO BE ENTITLED

AN ACT

relating to the issuance of revenue bonds for Prairie View A&M 
University.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:                        
	SECTION 1.  Subchapter B, Chapter 55, Education Code, is 
amended by adding Section 55.17515 to read as follows:
	Sec. 55.17515.  TEXAS A&M UNIVERSITY SYSTEM; ADDITIONAL 
BONDS.  (a)  In addition to the other authority granted by this 
subchapter, the board of regents of The Texas A&M University System 
may acquire, purchase, construct, improve, renovate, enlarge, or 
equip facilities, including roads and related infrastructure, for a 
solar observatory for Prairie View A&M University, 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 $3,656,390.
	(b)  The board of regents may pledge irrevocably to the 
payment of the bonds authorized by this section all or any part of 
the revenue funds of an institution, branch, or entity of The Texas 
A&M 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.
	(c)  If sufficient funds are not available to the board of 
regents to meet its obligations under this section, the board may 
transfer funds among institutions, branches, and entities of The 
Texas A&M 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.  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 on the 91st day after the last day of the 
legislative session.