BILL ANALYSIS

 

 

Senate Research Center                                                                                                        S.B. 941

79R6790 JRJ-F                                                                                                                 By: Staples

                                                                                                                                                Finance

                                                                                                                                            3/23/2005

                                                                                                                                              As Filed

 

 

AUTHOR'S/SPONSOR'S STATEMENT OF INTENT

 

For the 2006-2007 biennium, Stephen F. Austin (SFA) State University is requesting $12,596,540 to support debt service for projects totaling $69,050,000.  In addition, SFA is requesting restoration of $1,311,098 that was transferred from non-formula items to fund current debt service. 

 

As proposed, S.B. 941 provides bond revenue to be used to construct the East Texas Early Childhood Research and Development Center, construct the nursing building, renovate the chemistry building, the science research center, the Boynton E&G building and the SFA Theater, construct a physical plant complex, renovate land parcels, and construct an addition to the SFA Theater.

 

RULEMAKING AUTHORITY

 

This bill does not expressly grant any additional rulemaking authority to a state officer, institution, or agency.

 

SECTION BY SECTION ANALYSIS

 

SECTION 1.  Amends Subchapter B, Chapter 55, Education Code, by adding Section 55.1758, as follows:

 

Sec.  55.1758.  STEPHEN F. AUSTIN STATE UNIVERSITY.  (a)  Authorizes the board of regents of Stephen F. Austin State 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 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 $66,450,000.

 

(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 Stephen F. Austin State University, including student tuition charges.  Prohibits the amount of the 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.  Amends Section 61.0572(e), Education Code, to provide that the approval of the board is not required to acquire real property that is financed by bonds issued under Section 55.1758.

 

SECTION 3. Amends Section 61.058(b), Education Code, to provide that this section is inapplicable to construction, repair, or rehabilitation financed by bonds issued under Section 55.1758.

 

SECTION 4.  Effective date:  upon passage or September 1, 2005.