79R8294 JRJ-D
By: McClendon H.B. No. 2115
A BILL TO BE ENTITLED
AN ACT
relating to the issuance of revenue bonds for Prairie View A&M
University.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter B, Chapter 55, Education Code, is
amended by adding Section 55.17514 to read as follows:
Sec. 55.17514. 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 facilities, including roads and related infrastructure, for
the Child and Family Development Center at Prairie View A&M
University, 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
$9,946,577.
(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 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 of
regents 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 duties and purposes.
SECTION 2. This Act takes effect September 1, 2005.