| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to authorizing the issuance of revenue bonds to fund |
|
|
capital projects for the Texas Tech University Health Sciences |
|
|
Center at El Paso. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Subchapter B, Chapter 55, Education Code, is |
|
|
amended by adding Section 55.1789 to read as follows: |
|
|
Sec. 55.1789. TEXAS TECH UNIVERSITY SYSTEM; ADDITIONAL |
|
|
BONDS. (a) In addition to the other authority granted by this |
|
|
subchapter, the board of regents of the Texas Tech University |
|
|
System may acquire, purchase, construct, improve, renovate, |
|
|
enlarge, or equip property and facilities, including roads and |
|
|
related infrastructure, for projects for the Texas Tech University |
|
|
Health Sciences Center at El Paso, 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, not to exceed the following aggregate principal amounts |
|
|
for the projects specified as follows: |
|
|
(1) $89.1 million for the El Paso Medical Science |
|
|
Building II; and |
|
|
(2) $27 million for the El Paso Clinical Sciences |
|
|
Building. |
|
|
(b) The board may pledge irrevocably to the payment of the |
|
|
bonds authorized by this section all or any part of the revenue |
|
|
funds of an institution, branch, or entity of the Texas Tech |
|
|
University 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 Texas Tech |
|
|
University 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. |
|
|
(d) Any portion of the proceeds of bonds authorized by this |
|
|
section that is not required for the specific project for which the |
|
|
bonds are authorized may be used to renovate existing structures |
|
|
and facilities of the Texas Tech University Health Sciences Center |
|
|
at El Paso. |
|
|
SECTION 2. This Act takes effect on the 91st day after the |
|
|
last day of the legislative session. |