BILL ANALYSIS
Senate Research Center S.B. 795
79R7825 KEL-D By: Estes
AUTHOR'S/SPONSOR'S STATEMENT OF INTENT
S.B. 795 authorizes the issuance of tuition revenue bonds for Texas Woman's University. These bonds will pay for the renovation of the Science, Old Main, and Graduate Research Buildings for $37.5 million. The Texas Higher Education Coordinating Board has rated this project as "excellent." Seven million dollars will go towards the renovation of the Patio Building for Administrative and Academic Support.
RULEMAKING AUTHORITY
SECTION BY SECTION ANALYSIS
SECTION 1. Amends Subchapter B, Chapter 55, Education Code, by adding Section 55.1756, as follows:
Sec. 55.1756. TEXAS WOMAN'S UNIVERSITY; ADDITIONAL BONDS. (a) Authorizes the board of regents of Texas Woman's University (board), in addition to the other authority granted by this subchapter, to acquire, purchase, construct, improve, renovate, enlarge, or equip, property, buildings, structures, or other facilities, including roads and related infrastructure, for Texas Woman's University (TWU), to be financed by the issuance of bonds in accordance with this subchapter in an aggregate principal amount not to exceed $44.5 million.
(b) Authorizes the board to pledge irrevocably to the payment of the bonds authorized by this section all or any part of the revenue funds of TWU, including student tuition charges. Prohibits the amount of a pledge made under this subsection from being reduced or abrogated while the bonds for which the pledge is made, or bonds issued to refund those bonds, are outstanding.
SECTION 2. Effective date: upon passage or September 1, 2005.