| 83R12314 KEL-D | ||
| By: Coleman | H.B. No. 3229 | |
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| relating to authorizing the issuance of revenue bonds for a library | ||
| at Texas Southern University. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter B, Chapter 55, Education Code, is | ||
| amended by adding Section 55.17891 to read as follows: | ||
| Sec. 55.17891. TEXAS SOUTHERN UNIVERSITY; ADDITIONAL | ||
| BONDS. (a) In addition to the other authority granted under this | ||
| subchapter, the board of regents of Texas Southern University may | ||
| acquire, purchase, construct, improve, renovate, enlarge, or equip | ||
| property, buildings, structures, facilities, roads, or related | ||
| infrastructure for a library at Texas Southern University, to be | ||
| financed by the issuance of bonds in accordance with this | ||
| subchapter in an aggregate principal amount not to exceed $66 | ||
| million. | ||
| (b) The board may pledge irrevocably to the payment of the | ||
| bonds authorized by Subsection (a) all or any part of the revenue | ||
| funds of Texas Southern University, 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. | ||
| 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, | ||
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| 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, [ |
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| 55.17721, or 55.17891, 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 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. | ||