79R4877 CAS-D

By:  Naishtat                                                     H.B. No. 2708



A BILL TO BE ENTITLED

AN ACT

relating to authorizing the issuance of revenue bonds for  The 
University of Texas at Austin.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:                        
	SECTION 1.  Subchapter B, Chapter 55, Education Code, is 
amended by adding Section 55.17522 to read as follows:
	Sec. 55.17522.  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, or other facilities, 
including roads and related infrastructure, for The University of 
Texas at Austin to be used for campus fire and life safety upgrades 
and for the Experimental Science Building and 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 $75 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 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 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.