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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 for Prairie |
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View A&M University. |
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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 55.1761 to read as follows: |
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Sec. 55.1761. THE TEXAS A&M 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 A&M University System |
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may acquire, purchase, construct, improve, renovate, enlarge, or |
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equip property, buildings, structures, facilities, roads, or |
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related infrastructure for Prairie View A&M University, for the |
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following projects to be financed by the issuance of bonds in |
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accordance with this subchapter, including bonds issued in |
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accordance with a system wide revenue financing program and secured |
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as provided by that program, in an aggregate principal amount not to |
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exceed: |
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(1) $15 million for infrastructure deferred |
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maintenance. |
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(b) The board may pledge irrevocably to the payment of the |
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bonds authorized by this section all or any part of the revenue |
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funds of an institution, branch, or entity of The Texas A&M |
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University System, including student tuition charges. The amount |
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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) 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 A&M |
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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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SECTION 2. Section 61.0572(e), Education Code, is amended |
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to read as follows: |
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(e) Approval of the board is not required to acquire real |
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property that is financed by bonds issued under Section 55.17(e)(3) |
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or (4), 55.1713-55.1718, 55.1721-55.1728, 55.1735(a)(1), 55.174, |
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55.1742, 55.1743, 55.1744, [or] 55.1751-55.17592, or 55.1761, |
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except that the board shall review all real property to be financed |
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by bonds issued under those sections to determine whether the |
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property meets the standards adopted by the board for cost, |
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efficiency, and space use. If the property does not meet those |
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standards, the board shall notify the governor, the lieutenant |
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governor, the speaker of the house of representatives, and the |
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Legislative Budget Board. |
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SECTION 3. Section 61.058(b), Education Code, is amended to |
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read as follows: |
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(b) This section does not apply to construction, repair, or |
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rehabilitation financed by bonds issued under Section 55.17(e)(3) |
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or (4), 55.1713-55.1718, 55.1721-55.1728, 55.174, 55.1742, |
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55.1743, 55.1744, [or] 55.1751-55.17592, or 55.1761, except that |
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the board shall review all construction, repair, or rehabilitation |
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to be financed by bonds issued under those sections to determine |
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whether the construction, rehabilitation, or repair meets the |
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standards adopted by board rule for cost, efficiency, and space |
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use. If the construction, rehabilitation, or repair does not meet |
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those standards, the board shall notify the governor, the |
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lieutenant governor, the speaker of the house of representatives, |
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and the Legislative Budget Board. |
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SECTION 4. 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 September 1, 2007. |