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.