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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 or other |
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obligations to fund capital projects at public institutions of |
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higher education; making an appropriation. |
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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 Sections 55.1781, and 55.1782 to read as follows: |
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Sec. 55.1781. THE TEXAS A&M UNIVERSITY 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 Texas A&M University System |
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may acquire, purchase, construct, improve, renovate, enlarge, or |
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equip facilities, including roads and related infrastructure, for |
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projects to be financed through the issuance of bonds in accordance |
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with this subchapter and in accordance with a systemwide revenue |
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financing program adopted by the board for the following |
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institutions and facilities not to exceed the following aggregate |
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principal amounts for the projects specified as follows: |
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(1) Texas A&M University--San Antonio, $70 million for |
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a classroom/library building. |
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(b) The board may pledge irrevocably to the payment of bonds |
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authorized by this section all or any part of the revenue funds of |
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an institution, branch, or entity of The Texas A&M University |
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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 Texas A&M |
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University 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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Sec. 55.1782. 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 facilities, including roads and related infrastructure, for |
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projects to be financed through the issuance of bonds in accordance |
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with this subchapter and in accordance with a systemwide revenue |
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financing program adopted by the board for the following |
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institutions not to exceed the following aggregate principal |
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amounts for the projects specified as follows: |
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(1) The University of Texas at San Antonio, $92 |
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million for an experimental science instructional building; and |
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(2) The University of Texas Health Science Center at |
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San Antonio, $61 million for an academic learning and teacher |
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center and a diabetes center. |
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(b) The board may pledge irrevocably to the payment of bonds |
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authorized by this section 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. Section 61.0572(e), Education Code, is amended |
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to read as follows: |
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(e) Approval of the board is not required to acquire real |
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property that is financed by bonds issued under Section 55.17(e)(3) |
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or (4), 55.1713-55.1718, 55.1721-55.1728, 55.1735(a)(1), 55.174, |
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55.1742, 55.1743, [or] 55.1744, [or] 55.1751-55.17592, or |
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55.1781-55.1782 except that the board shall review all real |
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property to be financed by bonds issued under those sections to |
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determine whether the property meets the standards adopted by the |
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board for cost, efficiency, and space use. If the property does not |
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meet those standards, the board shall notify the governor, the |
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lieutenant governor, the speaker of the house of representatives, |
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and the Legislative Budget Board. |
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SECTION 3. Section 61.058(b), Education Code, is amended to |
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read as follows: |
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(b) This section does not apply to construction, repair, or |
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rehabilitation financed by bonds issued under Section 55.17(e)(3) |
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or (4), 55.1713-55.1718, 55.1721-55.1728, 55.174, 55.1742, |
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55.1743, 55.1744, [or] 55.1751-55.17592, or 55.1781-55.1782 except |
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that the board shall review all construction, repair, or |
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rehabilitation to be financed by bonds issued under those sections |
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to determine whether the construction, rehabilitation, or repair |
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meets the standards adopted by board rule for cost, efficiency, and |
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space use. If the construction, rehabilitation, or repair does not |
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meet those standards, the board shall notify the governor, the |
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lieutenant governor, the speaker of the house of representatives, |
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and the Legislative Budget Board. |
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SECTION 4. This Act does not affect any authority or |
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restriction regarding the activities that a public institution of |
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higher education may conduct in connection with a facility financed |
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by bonds authorized by this Act. |
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SECTION 5. 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 on the 91st day after the last day of the |
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legislative session. |