| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to authorizing the issuance of revenue bonds for capital |
|
|
projects at Texas A&M University--Kingsville. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Subchapter B, Chapter 55, Education Code, is |
|
|
amended by adding Section 55.17811 to read as follows: |
|
|
Sec. 55.17811. TEXAS A&M UNIVERSITY--KINGSVILLE. (a) In |
|
|
addition to the other authority granted under this subchapter, the |
|
|
board of regents of The Texas A&M University System may acquire, |
|
|
purchase, construct, improve, renovate, enlarge, or equip |
|
|
property, buildings, structures, facilities, roads, or related |
|
|
infrastructure for a music building expansion and renovation at |
|
|
Texas A&M University--Kingsville, to be financed by the issuance of |
|
|
bonds in accordance with a system-wide revenue financing program |
|
|
and secured as provided by that program, in an aggregate principal |
|
|
amount not to exceed $40 million. |
|
|
(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 A&M |
|
|
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 A&M |
|
|
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. |
|
|
SECTION 2. Section 61.0572(e), Education Code, is amended |
|
|
to read as follows: |
|
|
(e) Approval of the board is not required to acquire real |
|
|
property that is financed by bonds issued under Section 55.17(e)(3) |
|
|
or (4), 55.1713-55.1718, 55.1721-55.1728, 55.1735(a)(1), 55.174, |
|
|
55.1742, 55.1743, 55.1744, 55.1751-55.17592, 55.1768, 55.1771, |
|
|
[or] 55.17721, or 55.17811, except that the board shall review all |
|
|
real property to be financed by bonds issued under those sections to |
|
|
determine whether the property meets the standards adopted by the |
|
|
board for cost, efficiency, and space use. If the property does not |
|
|
meet those standards, the board shall notify the governor, the |
|
|
lieutenant governor, the speaker of the house of representatives, |
|
|
and the Legislative Budget Board. |
|
|
SECTION 3. Section 61.058(b), Education Code, is amended to |
|
|
read as follows: |
|
|
(b) This section does not apply to construction, repair, or |
|
|
rehabilitation financed by bonds issued under Section 55.17(e)(3) |
|
|
or (4), 55.1713-55.1718, 55.1721-55.1728, 55.174, 55.1742, |
|
|
55.1743, 55.1744, 55.1751-55.17592, 55.1768, 55.1771, [or] |
|
|
55.17721, or 55.17811, except that the board shall review all |
|
|
construction, repair, or rehabilitation to be financed by bonds |
|
|
issued under those sections to determine whether the construction, |
|
|
rehabilitation, or repair meets the standards adopted by board rule |
|
|
for cost, efficiency, and space use. If the construction, |
|
|
rehabilitation, or repair does not meet those standards, the board |
|
|
shall notify the governor, the lieutenant governor, the speaker of |
|
|
the house of representatives, and the Legislative Budget Board. |
|
|
SECTION 4. 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 5. 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, 2013. |