83R10782 KEL-D
 
  By: Howard H.B. No. 1569
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to authorizing the issuance of revenue bonds for The
  University of Texas at Austin.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter B, Chapter 55, Education Code, is
  amended by adding Section 55.1782 to read as follows:
         Sec. 55.1782.  THE UNIVERSITY OF TEXAS SYSTEM; ADDITIONAL
  BONDS. (a)  In addition to the other authority granted by this
  subchapter, the board of regents of The University of Texas System
  may acquire, purchase, construct, improve, renovate, enlarge, or
  equip property, buildings, structures, or other facilities,
  including roads and related infrastructure, for an engineering
  education and research center for The University of Texas at
  Austin, to be financed by the issuance of bonds in accordance with
  this subchapter, including bonds issued in accordance with a
  systemwide revenue financing program and secured as provided by
  that program, in an aggregate principal amount not to exceed $95
  million.
         (b)  The board may pledge irrevocably to the payment of
  bonds authorized by Subsection (a) all or any part of the revenue
  funds of an institution, branch, or entity of The University of
  Texas System, including tuition charges required or authorized by
  law to be imposed on students enrolled at an institution, branch, or
  entity of The University of Texas System. 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 University
  of Texas System to ensure the most equitable and efficient
  allocation of available resources for each institution, branch, or
  entity to carry out its constitutional and statutory 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 55.1782, 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 55.1782, 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.