81R4880 KSD-D
 
  By: Nichols S.B. No. 597
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to authorizing the issuance of revenue bonds for a
  molecular science building at Stephen F. Austin State University.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.   Subchapter B, Chapter 55, Education Code, is
  amended by adding Section 55.1778 to read as follows:
         Sec. 55.1778.  STEPHEN F. AUSTIN STATE UNIVERSITY;
  ADDITIONAL BONDS.  (a) In addition to the other authority granted
  under this subchapter, the board of regents of Stephen F. Austin
  State University may acquire, purchase, construct, improve,
  renovate, enlarge, or equip property, buildings, structures,
  facilities, roads, or related infrastructure for a molecular
  science building at Stephen F. Austin State University, to be
  financed by the issuance of bonds in accordance with this
  subchapter in an aggregate principal amount not to exceed $46
  million.
         (b)  The board may pledge irrevocably to the payment of the
  bonds authorized by this section all or any part of the revenue
  funds of Stephen F. Austin State University, including student
  tuition charges. The amount of a pledge made under this subsection
  may not be reduced or abrogated while the bonds for which the pledge
  is made, or bonds issued to refund those bonds, are outstanding.
         (c)  Any portion of the proceeds of bonds authorized by this
  section that is not required for the specified project for which the
  bonds are authorized may be used to renovate existing structures
  and facilities at the institution.
         SECTION 2.  Section 61.0572(e), Education Code, is amended
  to read as follows:
         (e)  Approval of the board is not required to acquire real
  property that is financed by bonds issued under Section 55.17(e)(3)
  or (4), 55.1713-55.1718, 55.1721-55.1728, 55.1735(a)(1), 55.174,
  55.1742, 55.1743, 55.1744, 55.1751-55.17592, [or] 55.1768, or
  55.1778, except that the board shall review all real property to be
  financed by bonds issued under those sections to determine whether
  the property meets the standards adopted by the board for cost,
  efficiency, and space use.  If the property does not meet those
  standards, the board shall notify the governor, the lieutenant
  governor, the speaker of the house of representatives, and the
  Legislative Budget Board.
         SECTION 3.  Section 61.058(b), Education Code, is amended to
  read as follows:
         (b)  This section does not apply to construction, repair, or
  rehabilitation financed by bonds issued under Section 55.17(e)(3)
  or (4), 55.1713-55.1718, 55.1721-55.1728, 55.174, 55.1742,
  55.1743, 55.1744, 55.1751-55.17592, [or] 55.1768, or 55.1778,
  except that the board shall review all construction, repair, or
  rehabilitation to be financed by bonds issued under those sections
  to determine whether the construction, rehabilitation, or repair
  meets the standards adopted by board rule for cost, efficiency, and
  space use.  If the construction, rehabilitation, or repair does not
  meet those standards, the board shall notify the governor, the
  lieutenant governor, the speaker of the house of representatives,
  and the Legislative Budget Board.
         SECTION 4.  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.