79S10574 JRJ-D
By: Staples, Deuell, Eltife S.B. No. 58
A BILL TO BE ENTITLED
AN ACT
relating to authorizing the issuance of revenue bonds to fund
capital projects at certain public institutions of higher
education.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter B, Chapter 55, Education Code, is
amended by adding Sections 55.1752 and 55.1758 to read as follows:
Sec. 55.1752. THE UNIVERSITY OF TEXAS SYSTEM; ADDITIONAL
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 facilities, including roads and related infrastructure, for
projects to be financed through the issuance of bonds in accordance
with this subchapter and in accordance with a systemwide revenue
financing program adopted by the board for the following
institutions not to exceed the following aggregate principal
amounts for the projects specified as follows:
(1) The University of Texas at Tyler, $81,000,000 for
a classroom building and other facilities, including facilities at
branch campuses; and
(2) The University of Texas Health Science Center at
Tyler, $32,400,000 for educational and related facilities,
including an academic center.
(b) The board may pledge irrevocably to the payment of bonds
authorized by this section 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.
Sec. 55.1758. STEPHEN F. AUSTIN STATE UNIVERSITY. (a) In
addition to the other authority granted by this subchapter, the
board of regents of Stephen F. Austin State University may acquire,
purchase, construct, improve, renovate, enlarge, or equip
property, buildings, structures, or other facilities, including
roads and related infrastructure, at Stephen F. Austin State
University, to be financed by the issuance of bonds in accordance
with this subchapter in an aggregate principal amount not to exceed
$65,450,000.
(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 Stephen F. Austin State University, 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.
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, 55.1735(a)(1), 55.174,
55.1742, 55.1743, [or] 55.1744, 55.1752, or 55.1758, 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, 55.174, 55.1742,
55.1743, [or] 55.1744, 55.1752, or 55.1758, 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 on the 91st day after the last day of the
legislative session.