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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 tuition revenue bonds for |
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Sam Houston State University for facilities in Montgomery County. |
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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, Education Code, is |
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amended by adding Section 55.1764 to read as follows: |
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Sec. 55.1764. TEXAS STATE UNIVERSITY SYSTEM; ADDITIONAL |
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BONDS. (a) In addition to the other authority granted under this |
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subchapter, the board of regents of the Texas State University |
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System may acquire, purchase, construct, improve, renovate, |
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enlarge, or equip facilities and other property, including roads |
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and related infrastructure, for Sam Houston State University for |
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educational and related facilities in Montgomery County, to be |
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financed through the issuance of bonds in accordance with this |
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subchapter and in accordance with a systemwide revenue financing |
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program adopted by the board, in an aggregate principal amount not |
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to exceed $30 million. |
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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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an institution, branch, or entity of the Texas State University |
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System, including student tuition charges. The amount of a pledge |
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made under this subsection may not be reduced or abrogated while the |
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bonds for which the pledge is made, or bonds issued to refund those |
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bonds, are outstanding. |
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(c) If sufficient funds are not available to the board to |
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meet its obligations under this section, the board may transfer |
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funds among institutions, branches, and entities of the Texas State |
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University System to ensure the most equitable and efficient |
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allocation of available resources for each institution, branch, or |
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entity to carry out its duties and purposes. |
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(d) Notwithstanding Subsection (a), the Texas State |
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University System may not issue bonds under this section for Sam |
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Houston State University until the board of regents approves the |
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acquisition of real property in Montgomery County for the |
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educational and related facilities to be financed through the |
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issuance of those bonds. |
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SECTION 2. This Act takes effect September 1, 2007. |