80R10083 JRJ-D
 
  By: Krusee H.B. No. 3720
 
 
 
   
 
 
A BILL TO BE ENTITLED
AN ACT
relating to authorizing the issuance of revenue bonds for the Texas
A&M University--Central Texas East Williamson County Higher
Education Center.
       BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
       SECTION 1.   Subchapter B, Chapter 55, Education Code, is
amended by adding Section 55.1761 to read as follows:
       Sec. 55.1761.  THE TEXAS A&M UNIVERSITY SYSTEM; ADDITIONAL
BONDS.  (a) In addition to the other authority granted under 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, facilities, roads, or
related infrastructure for the Texas A&M University--Central Texas
East Williamson County Higher Education Center, 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 $22 million.
       (b)  The board 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 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.
       (d)  Notwithstanding Subsection (a), The Texas A&M
University System may not issue bonds under this section for the
Texas A&M University--Central Texas East Williamson County Higher
Education Center unless the center is established by the system.  If
the Texas A&M University--Central Texas East Williamson County
Higher Education Center is not established by January 1, 2009, the
system's authority to issue bonds for the center under this section
expires on that date.
       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, 55.1744, [or] 55.1751-55.17592, or 55.1761,
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, 55.1744, [or] 55.1751-55.17592, or 55.1761, 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 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, 2007.