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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), and (h) to read as follows: |
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(f) To the extent permitted by law, an institution of higher |
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education that participates in the center, a political subdivision, |
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or an entity, including a nonprofit corporation, created by an |
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institution or political subdivision for the benefit of the center, |
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may individually or jointly, under the terms of an agreement under |
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Subsection (d), finance the acquisition, purchase, construction, |
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improvement, renovation, enlargement, or equipping of physical |
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facilities described by Subsection (d) through the issuance of |
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bonds or other obligations. The financing of facilities under this |
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subsection is a public purpose of the institution, political |
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subdivision, or entity created for the benefit of the center |
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participating in the financing. Any bond or other obligation |
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issued under this subsection may not exceed a term of 30 years. |
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(g) An institution of higher education that participates in |
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the center, a political subdivision, or an entity created for the |
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benefit of the center may pledge irrevocably to the payment of bonds |
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or other obligations issued under Subsection (f) all or any part of |
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the available revenue funds of the institution, political |
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subdivision, or entity. The amount of a pledge made under this |
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subsection may not be reduced or abrogated while the bonds or |
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obligations for which the pledge is made, or bonds or other |
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obligations issued to refund those bonds or obligations, are |
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outstanding. |
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(h) An agreement providing for bonds or other obligations |
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under Subsection (f) may provide for an institution, political |
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subdivision, or entity created for the benefit of the center to have |
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an ownership or other interest in the facilities to be financed by |
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the bonds or obligations, or to participate in the operation of the |
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facility. |
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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. |