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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 at Austin. |
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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 55.1782 to read as follows: |
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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 property and facilities, including roads and related |
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infrastructure, for an engineering education and research center |
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for The University of Texas at Austin, to be financed by the |
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issuance of bonds in accordance with this subchapter, including |
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bonds issued in accordance with a systemwide revenue financing |
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program and secured as provided by that program, in an aggregate |
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principal amount not to exceed $95 million. |
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(b) The board may pledge irrevocably to the payment of |
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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 The University of |
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Texas System, including tuition charges required or authorized by |
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law to be imposed on students enrolled at an institution, branch, or |
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entity of The University of Texas System. 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 constitutional and statutory duties and |
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purposes. |
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SECTION 2. 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 3. This Act takes effect November 1, 2013. |