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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 bonds |
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authorized by Subsection (a) 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 tuition charges required or authorized by law to |
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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. (a) If S.B. No. 215, 83rd Legislature, Regular |
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Session, 2013, does not become law, Subsection (e), Section |
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61.0572, Education Code, is amended 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 55.1782, 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 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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(b) If S.B. No. 215, 83rd Legislature, Regular Session, |
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2013, becomes law, this section has no effect. |
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SECTION 3. (a) If S.B. No. 215, 83rd Legislature, Regular |
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Session, 2013, does not become law, Subsection (b), Section 61.058, |
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Education Code, is amended to 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 55.1782, 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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(b) If S.B. No. 215, 83rd Legislature, Regular Session, |
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2013, becomes law, this section has no effect. |
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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 October 1, 2013. |