|
|
|
A BILL TO BE ENTITLED
|
|
AN ACT
|
|
Relating to the issuance of tuition revenue bonds for the |
|
University of Houston-Victoria. |
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
SECTION 1. Subchapter B, Chapter 55, education code, is |
|
amended by adding Section 55.1783 to read as follows: |
|
Sec. 55.1783. UNIVERSITY OF HOUSTON SYSTEM; |
|
ADDITIONAL BONDS. (a) In addition to the other authority granted |
|
by this subchapter, the board of regents of the University of |
|
Houston System may acquire, purchase, construct, improve, |
|
renovate, enlarge, or equip facilities, including roads and related |
|
infrastructure, for the following institutions, to be financed |
|
through the issuance of bonds in accordance with this subchapter |
|
and in accordance with a systemwide revenue financing program |
|
adopted by the board, in aggregate principal amounts not to exceed |
|
$61,500,000 for the University of Houston-Victoria for an |
|
academic/office/laboratory facility. |
|
(b) The board may pledge irrevocably to the payment of bonds |
|
authorized by this section all or any part of the revenue funds of |
|
an institution, branch, or entity of the University of Houston |
|
System, 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) If sufficient funds are not available to the board to |
|
meet its obligations under this section, the board may transfer |
|
funds among institutions, branches, and entities of the University |
|
of Houston System to ensure the most equitable and efficient |
|
allocation of available resources for each institution, branch, or |
|
entity to carry out its duties and purposes. |
|
SECTION 2. This Act does not affect any authority or |
|
restriction regarding the activities that a public institution of |
|
higher education may conduct in connection with a facility financed |
|
by bonds authorized by this Act. |
|
SECTION 3. 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, 2011. |