81R11260 JRJ-F
 
  By: Maldonado H.B. No. 2805
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the administration, powers, duties, operation, and
  financing of the East Williamson County Multi-Institution Teaching
  Center.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 130.092, Education Code, is amended by
  adding Subsections (f), (g), and (h) to read as follows:
         (f)  To the extent permitted by law, an institution of higher
  education that participates in the center, a political subdivision,
  or an entity, including a nonprofit corporation, created by an
  institution or political subdivision for the benefit of the center,
  may individually or jointly, under the terms of an agreement under
  Subsection (d), finance the acquisition, purchase, construction,
  improvement, renovation, enlargement, or equipping of physical
  facilities described by Subsection (d) through the issuance of
  bonds or other obligations. The financing of facilities under this
  subsection is a public purpose of the institution, political
  subdivision, or entity created for the benefit of the center
  participating in the financing.  Any bond or other obligation
  issued under this subsection may not exceed a term of 30 years.
         (g)  An institution of higher education that participates in
  the center, a political subdivision, or an entity created for the
  benefit of the center may pledge irrevocably to the payment of bonds
  or other obligations issued under Subsection (f) all or any part of
  the available revenue funds of the institution, political
  subdivision, or entity. The amount of a pledge made under this
  subsection may not be reduced or abrogated while the bonds or
  obligations for which the pledge is made, or bonds or other
  obligations issued to refund those bonds or obligations, are
  outstanding.
         (h)  An agreement providing for bonds or other obligations
  under Subsection (f) may provide for an institution, political
  subdivision, or entity created for the benefit of the center to have
  an ownership or other interest in the facilities to be financed by
  the bonds or obligations, or to participate in the operation of the
  facility.
         SECTION 2.  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, 2009.