79R4884 CAS-F

By:  Frost                                                        H.B. No. 1431



A BILL TO BE ENTITLED

AN ACT

relating to the issuance of revenue bonds for Texas A&M 
University--Texarkana.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:                        
	SECTION 1.  Subchapter B, Chapter 55, Education Code, is 
amended by adding Section 55.17513 to read as follows:
	Sec. 55.17513.  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 property, buildings, structures, or other facilities, 
including roads and related infrastructure, for Texas A&M 
University--Texarkana, 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 $65 million.
	(b)  The board may pledge irrevocably to the payment of  
bonds authorized by Subsection (a) 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 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 constitutional and statutory 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 September 1, 2005.