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A BILL TO BE ENTITLED
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AN ACT
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relating to the administration, powers, duties, operation, and |
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financing of the East Williamson County Multi-Institution Teaching |
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Center. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 130.092, Education Code, is amended by |
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adding Subsections (f), (g), (h), (i), (j), (k), and (l) to read as |
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follows: |
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(f) A member institution of the center, a political |
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subdivision, an entity created by a political subdivision, or a |
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nonprofit corporation may individually or jointly, under the terms |
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of an agreement under Subsection (d), finance or refinance the |
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acquisition, purchase, construction, improvement, renovation, |
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enlargement, or equipping of physical facilities described by |
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Subsection (d) through the issuance of bonds, notes, or other |
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obligations. The financing of facilities under this subsection may |
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be made through a long-term agreement with another member |
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institution, political subdivision, or other entity described by |
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this subsection, or through a guarantee of any bond, note, or other |
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obligation. Any bond, note, or other obligation issued or a |
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long-term agreement or guarantee made under this subsection may not |
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exceed a term of 40 years. |
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(g) Any bond, note, or other obligation issued or long-term |
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agreement or guarantee made under Subsection (f) may be pledged as |
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security for and used towards the payment of any bond, note, or |
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other obligation issued for the benefit of the center. A bond, |
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note, or other obligation issued or long-term agreement or |
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guarantee made under Subsection (f) is not subject to annual |
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appropriation. |
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(h) The financing of facilities under this section promotes |
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the public purpose of supporting higher education and further |
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promotes the public purpose of developing and diversifying the |
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economy of this state and eliminating unemployment and |
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underemployment in this state under the authority granted by |
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Section 52-a, Article III, Texas Constitution. |
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(i) A member institution of the center, political |
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subdivision, entity created by a political subdivision, or |
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nonprofit corporation may pledge irrevocably to the payment of |
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bonds, notes, or other obligations issued or a long-term agreement |
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or guarantee made under Subsection (f), and to the extent permitted |
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by law, all or any part of the available revenues, taxes, or any |
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combination of revenues and taxes of the member institution, |
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political subdivision, entity, or nonprofit corporation. The |
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amount of a pledge made under this subsection may not be reduced or |
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abrogated while any bonds, notes, or obligations for which the |
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pledge is made, or bonds, notes, or other obligations issued to |
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refund those bonds, notes, or obligations, are outstanding. |
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(j) An agreement providing for bonds, notes, or other |
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obligations, or a long-term agreement or guarantee, under |
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Subsection (f) may provide for a member institution, political |
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subdivision, entity created by a political subdivision, or |
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nonprofit corporation to have an ownership or other interest in the |
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facilities to be financed by the bonds, notes, or obligations, or |
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long-term agreements or guarantees, or to participate in the |
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operation of the facility. |
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(k) A member institution of the center, political |
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subdivision, entity created by a political subdivision, or |
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nonprofit corporation may use an entity created under Chapter 53 or |
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53A to accomplish the purposes of this section. |
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(l) This section is wholly sufficient authority for the |
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execution of agreements, the pledge of revenues, taxes, or any |
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combination of revenues and taxes, and the performance of other |
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acts and procedures authorized by this section without reference to |
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any other provision of law or any restriction or limitation |
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contained in those provisions, except as specifically provided by |
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this section. To the extent of any conflict or inconsistency |
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between this section and any other law, this section shall prevail |
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and control. A member institution of the center, political |
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subdivision, entity created by a political subdivision, or |
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nonprofit corporation may use any law not in conflict with this |
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section to the extent convenient or necessary to carry out any power |
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or authority, expressed or implied, granted by this section. |
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SECTION 2. 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, 2009. |