This website will be unavailable from Friday, April 26, 2024 at 6:00 p.m. through Monday, April 29, 2024 at 7:00 a.m. due to data center maintenance.
2005S0382-1 02/25/05
By: Duncan S.B. No. 1694
A BILL TO BE ENTITLED
AN ACT
relating to financing authority for Texas Tech University System
for improvements, construction, and acquisitions for academic
buildings.
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. 55.175. TEXAS TECH UNIVERSITY SYSTEM; ADDITIONAL
REVENUE BONDS. (a) In addition to the other authority granted by
this subchapter, the board of regents of the Texas Tech University
System may acquire, purchase, construct, improve, renovate,
enlarge, or equip property, buildings, structures, or other
facilities, including roads and related infrastructure, for Texas
Tech University for academic buildings to support educational
programs 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 adopted by the board and
secured as provided by that program in the aggregate principal
amount not to exceed $56 million.
(b) In addition to the other authority granted by this
subchapter, the board of regents of the Texas Tech University
System may acquire, purchase, construct, improve, renovate,
enlarge, or equip property, buildings, structures, or other
facilities, including roads and related infrastructure, for the
Texas Tech University Health Sciences Center for academic buildings
to support the center's educational programs in the City of El Paso,
City of Midland, and the City of Amarillo 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 adopted by the board and secured as provided by that program
in the aggregate principal amount not to exceed $33.75 million.
(c) The board may pledge irrevocably to the payment of the
bonds authorized by this section all or any part of the revenue
funds of Texas Tech University or the Texas Tech University Health
Sciences Center, 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 to
meet its obligations under this section, the board may transfer
funds between Texas Tech University and the Texas Tech University
Health Sciences Center to ensure the most equitable and efficient
allocation of available resources for Texas Tech University and the
Texas Tech University Health Sciences Center to carry out their
duties and purposes.
(e) Any portion of the proceeds of bonds authorized by this
section for specified projects at the applicable institution that
is not required for the specified projects may be used to renovate
existing structures and facilities at the institution.
SECTION 2. Subsection (e), Section 61.0572, 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, 55.1739, or 55.175 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. Subsection (b), Section 61.058, 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, 55.1739, or 55.175 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 September 1, 2005.