79R6508 KEL-D

By:  West, Royce                                                  S.B. No. 703



A BILL TO BE ENTITLED

AN ACT

relating to authorizing the issuance of revenue bonds for the 
University of North Texas, the University of North Texas System 
Center at Dallas, and the Universities Center at Dallas.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:                        
	SECTION 1.  Subchapter B, Chapter 55, Education Code, is 
amended by adding Section 55.1755 to read as follows:
	Sec. 55.1755.  UNIVERSITY OF NORTH TEXAS SYSTEM; ADDITIONAL 
BONDS.  (a)  In addition to the other authority granted by this 
subchapter, the board of regents of the University of North 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 North Texas, for the University of North Texas System 
Center at Dallas at the location to become the University of North 
Texas at  Dallas, or for the Universities Center at Dallas, 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 aggregate principal amounts not to exceed:
		(1)  94 million for the University of North Texas;                     
		(2)  $30 million for the University of North Texas 
System Center at Dallas; and
		(3)  $10 million for the Universities Center at Dallas.                
	(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 
University of North 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 of 
regents to meet its obligations under this section, the board may 
transfer funds among institutions, branches, and entities of the 
University of North 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.