By: McClendon H.B. No. 1427
A BILL TO BE ENTITLED
relating to authorizing the issuance of revenue bonds for Texas
Southern University for campus facilities and infrastructure.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter B, Chapter 55, Education Code, is
amended by adding Section 55.17591 to read as follows:
Sec. 55.17591. TEXAS SOUTHERN UNIVERSITY; ADDITIONAL
BONDS. (a) In addition to the other authority granted by this
subchapter, the board of regents of Texas Southern University may
acquire, purchase, construct, improve, renovate, enlarge, or equip
property, buildings, structures, or other facilities, including
roads and related infrastructure, for a multipurpose university
center, a fine arts building, a building for the school of
technology, the Robert J. Terry Library, and deferred maintenance
of campus facilities and infrastructure, to be financed by the
issuance of bonds in accordance with this subchapter in an
aggregate principal amount not to exceed $109,560,000.
(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 Texas Southern 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. 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, 2005.