By: Gallego H.B. No. 2582
A BILL TO BE ENTITLED
AN ACT
relating to authorizing the issuance of revenue bonds for Sul Ross
State University Rio Grande College for certain purposes and
exempting the property and projects financed by the bonds from
prior approval by the Texas Higher Education Coordinating Board.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter B, Chapter 55, Education Code, is
amended by adding Section 55.1754 to read as follows:
Sec. 55.1754. THE TEXAS STATE UNIVERSITY SYSTEM; ADDITIONAL
BONDS. (a) In addition to the other authority granted under this
subchapter, the board of regents of The Texas State University
System may acquire, purchase, construct, improve, renovate,
enlarge, or equip property, buildings, structures, facilities,
roads, or related infrastructure for Sul Ross State University Rio
Grande College to address the need for facilities in the Rio Grande
Valley high growth corridor, 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 $7.5 million.
(b) The board may pledge irrevocably to the payment of the
bonds authorized by Subsection (a) all or any part of the revenue
funds of an institution, branch, or entity of The Texas State
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
meets its obligations under this section, the board may transfer
funds among institutions, branches, and entities of The Texas State
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. Section 61.0572(e), Education Code, is amended
to read as follows:
(e) Approval of the board is not required to acquire real
property that is financed by bonds issued under Section 55.17(e)(3)
or (4), 55.1713-55.1718, 55.1721-55.1728, 55.1735(a)(1), 55.174,
55.1742, 55.1743, [or] 55.1744, or 55.1754, except that the board
shall review all real property to be financed by bonds issued under
those sections to determine whether the property meets the
standards adopted by the board for cost, efficiency, and space use.
If the property does not meet those standards, the board shall
notify the governor, the lieutenant governor, the speaker of the
house of representatives, and the Legislative Budget Board.
SECTION 3. Section 61.058(b), Education Code, is amended to
read as follows:
(b) This section does not apply to construction, repair, or
rehabilitation financed by bonds issued under Section 55.17(e)(3)
or (4), 55.1713-55.1718, 55.1721-55.1728, 55.174, 55.1742,
55.1743, [or] 55.1744, or 55.1754, except that the board shall
review all construction, repair, or rehabilitation to be financed
by bonds issued under those sections to determine whether the
construction, rehabilitation, or repair meets the standards
adopted by board rule for cost, efficiency, and space use. If the
construction, rehabilitation, or repair does not meet those
standards, the board shall notify the governor, the lieutenant
governor, the speaker of the house of representatives, and the
Legislative Budget Board.
SECTION 4. 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.