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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 The |
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University of Texas - Pan American. |
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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 55.17522 to read as follows: |
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Sec. 55.17522. THE UNIVERSITY OF TEXAS SYSTEM; ADDITIONAL |
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BONDS. (a) In addition to the other authority granted by this |
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subchapter, the board of regents of The University of Texas System |
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may acquire, purchase, construct, improve, renovate, enlarge, or |
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equip property, buildings, structures, or other facilities, |
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including roads and related infrastructure, for projects at The |
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University of Texas - Pan American, to be financed by the issuance |
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of bonds in accordance with this subchapter and in accordance with a |
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systemwide revenue financing program adopted by the board not to |
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exceed the following aggregate principal amounts for the projects |
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specified as follows: |
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(1) $1.5 million for the Starr County Upper Level Center; |
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and |
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(2) $29,954,000 for the fine arts academic and performance |
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complex. |
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(b) The board may pledge irrevocably to the payment of bonds |
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authorized by Subsection (a) all or any part of the revenue funds of |
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an institution, branch, or entity of The University of Texas |
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System, including student tuition charges. The amount of a pledge |
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made under this subsection may not be reduced or abrogated while the |
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bonds for which the pledge is made, or bonds issued to refund those |
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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 University |
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of Texas 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. 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. |