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A BILL TO BE ENTITLED
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AN ACT
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relating to authorizing the issuance of revenue bonds or other |
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obligations to fund capital projects at public institutions of |
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higher education; making an appropriation. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 55, Section 55.17591 |
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Education Code, is amended to read as follows: |
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Sec. 55.17591. TEXAS SOUTHERN UNIVERSITY; ADDITIONAL |
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BONDS. (a) In addition to the other authority granted by this |
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subchapter, the board of regents of Texas Southern University may |
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acquire, purchase, construct, improve, renovate, enlarge, or equip |
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facilities, including roads and related infrastructure, for |
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projects at Texas Southern University, to be financed through the |
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issuance of bonds in accordance with this subchapter not to exceed |
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the following aggregate principal amounts for the projects |
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specified as follows: |
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(1) $31,500,000 $29,500,000 for the School of Science |
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and Technology; and |
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(2) $15 $17 million for a branch campus multipurpose
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Academic Center (MAC) existing debt on deferred maintenance costs |
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at Texas Southern University. |
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(b) The board may pledge irrevocably to the payment of bonds |
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authorized by this section all or any part of the revenue funds of |
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Texas Southern University, including student tuition charges. The |
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amount of a pledge made under this subsection may not be reduced or |
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abrogated while the bonds for which the pledge is made, or bonds |
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issued to refund those bonds, are outstanding. |
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(c) Notwithstanding Subsection (a), the board of regents of |
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Texas Southern University may not issue bonds under this section |
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for a branch campus multipurpose Academic Center (MAC) until the |
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Texas Higher Education Coordinating Board grants Texas Southern |
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University the approval to operate the branch campus. If approval |
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to operate the branch campus is not granted by January 1, 2010, the |
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board of regents' authority to issue bonds for a multipurpose |
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Academic Center (MAC) under this section expires on that date. |
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SECTION 2. This Act does not affect any authority or |
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restriction regarding the activities that a public institution of |
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higher education may conduct in connection with a facility financed |
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by bonds authorized by this Act. |
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SECTION 3. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect on September 1, 2007. |