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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 a library |
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at Texas Southern University. |
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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 55.17891 to read as follows: |
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Sec. 55.17891. TEXAS SOUTHERN UNIVERSITY; ADDITIONAL |
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BONDS. (a) In addition to the other authority granted under this |
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subchapter, the board of regents of Texas Southern University may |
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acquire, purchase, construct, improve, renovate, enlarge, or equip |
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property, buildings, structures, facilities, roads, or related |
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infrastructure for a library at Texas Southern University, to be |
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financed by the issuance of bonds in accordance with this |
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subchapter, including bonds issued in accordance with a systemwide |
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revenue financing program and secured as provided by that program, |
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in an aggregate principal amount not to exceed $56 million. |
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(b) The board may pledge irrevocably to the payment of the |
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bonds authorized by Subsection (a) all or any part of the revenue |
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funds of an institution, branch, or entity of Texas Southern |
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University, including student tuition charges. The amount of a |
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pledge made under this subsection may not be reduced or abrogated |
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while the bonds for which the pledge is made, or bonds issued to |
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refund those 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 Texas Southern |
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University to ensure the most equitable and efficient allocation of |
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available resources for each institution, branch, or entity to |
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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, 55.1744, 55.1751-55.17592, 55.1768, 55.1771, |
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[or] 55.17721, or 55.17891, except that the board shall review all |
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real 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 |
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not 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, 55.1751-55.17592, 55.1768, 55.1771, [or] |
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55.17721, or 55.17891, except that the board shall review all |
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construction, repair, or rehabilitation to be financed by bonds |
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issued under those sections to determine whether the construction, |
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rehabilitation, or repair meets the standards adopted by board rule |
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for cost, efficiency, and space use. If the construction, |
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rehabilitation, or repair does not meet those standards, the board |
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shall notify the governor, the lieutenant governor, the speaker of |
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the house of representatives, and the Legislative Budget Board. |
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SECTION 4. 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, 2011. |