79R8421 CAS-D

By:  Lucio                                                        S.B. No. 1059



A BILL TO BE ENTITLED

AN ACT

relating to authorizing the issuance of revenue bonds for The 
University of Texas at Brownsville, The University of Texas--Pan 
American, and Texas State Technical College--Harlingen.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:                        
	SECTION 1.  Subchapter B, Chapter 55, Education Code, is 
amended by adding Section 55.17528 to read as follows:
	Sec. 55.17528.  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 following 
institutions, 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 the 
following amounts:
		(1)  The University of Texas at Brownsville, $40 
million; and        
		(2)  The University of Texas--Pan American, $20 
million.             
	(b)  Proceeds of bonds issued under this section for The 
University of Texas at Brownsville and The University of Texas--Pan 
American may be used only for educational and related facilities 
necessary to establish at those institutions components of the 
South Texas Aerospace Industry Cluster and Education Initiative.
	(c)  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 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.
	(d)  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 Texas System, including funds that may be used for the 
purpose and that are available to the system from an account in the 
general revenue fund to advance emerging technology in this state, 
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.  Subchapter B, Chapter 55, Education Code, is 
amended by adding Section 55.17592 to read as follows:
	Sec. 55.17592.  TEXAS STATE TECHNICAL COLLEGE SYSTEM; 
ADDITIONAL BONDS.  (a)  In addition to the other authority granted 
by this subchapter, the board of regents of the Texas State 
Technical College System may acquire, purchase, construct, 
improve, renovate, enlarge, or equip property, buildings, 
structures, or other facilities, including roads and related 
infrastructure, to be used only for educational and related 
facilities necessary to establish a component of the South Texas 
Aerospace Industry Cluster and Education Initiative at Texas State 
Technical College--Harlingen 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 $20 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 
State Technical College 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 State Technical College System, including funds that may be 
used for the purpose and that are available to the system from an 
account in the general revenue fund to advance emerging technology 
in this state, 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 3.  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.