By: Woolley H.B. No. 2269
A BILL TO BE ENTITLED
relating to authorizing the issuance of revenue bonds by The
University of Texas System for an adult stem cell research center at
the Texas Medical Center.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter B, Chapter 55, Education Code, is
amended by adding Section 55.1752 to read as follows:
Sec. 55.1752. THE UNIVERSITY OF TEXAS SYSTEM; ADDITIONAL
BONDS. (a) In addition to the other authority granted by this
subchapter, the board of regents of The University of Texas System
may acquire, purchase, construct, improve, renovate, enlarge, or
equip property, buildings, structures, facilities, roads, or
related infrastructure for The University of Texas Health Science
Center at Houston to pay the costs of establishing and operating an
adult stem cell research center at the Texas Medical Center to
conduct stem cell and related biomedical research in collaboration
with other participating institutions and entities, 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 $24,670,000.
(b) The board 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 University of
Texas 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 University
of Texas 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 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.