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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 a |
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Science, Technology, Engineering, and Mathematics Education and |
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Research Center at Stephen F. Austin State University. |
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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 55.1788 to read as follows: |
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Sec. 55.1788. STEPHEN F. AUSTIN STATE UNIVERSITY; |
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ADDITIONAL BONDS. (a) In addition to the other authority granted |
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under this subchapter, the board of regents of Stephen F. Austin |
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State University may acquire, purchase, construct, improve, |
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renovate, enlarge, or equip property, buildings, structures, |
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facilities, roads, or related infrastructure for a Science, |
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Technology, Engineering, and Mathematics Education and Research |
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Center at Stephen F. Austin State University, to be financed by the |
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issuance of bonds in accordance with this subchapter in an |
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aggregate principal amount not to exceed $58 million. |
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(b) The board may pledge irrevocably to the payment of the |
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bonds authorized by this section all or any part of the revenue |
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funds of Stephen F. Austin State University, including student |
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tuition charges. The amount of a pledge made under this subsection |
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may not be reduced or abrogated while the bonds for which the pledge |
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is made, or bonds issued to refund those bonds, are outstanding. |
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(c) Any portion of the proceeds of bonds authorized by this |
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section that is not required for the specified project for which the |
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bonds are authorized may be used to renovate existing structures |
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and facilities at the institution. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2015. |