79R1224 JRJ-D
By: Fraser S.B. No. 156
A BILL TO BE ENTITLED
AN ACT
relating to authorizing the issuance of revenue bonds for Texas A&M
University--Central Texas.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter B, Chapter 55, Education Code, is
amended by adding Section 55.1751 to read as follows:
Sec. 55.1751. TEXAS A&M UNIVERSITY--CENTRAL TEXAS. (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 educational facilities for
the Tarleton State University System Center--Central Texas at the
location that may become Texas A&M University--Central Texas, 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 $45 million.
(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. 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 55.1751, 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 55.1751, 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. It is the intent of the legislature that
buildings, structures, and permanent improvements financed under
Section 55.1751, Education Code, as added by this Act, will be
denominated as facilities of Texas A&M University--Central Texas
rather than of any other institution of higher education.
SECTION 5. 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.