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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 capital |
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projects at Prairie View A&M 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 55.1781 to read as follows: |
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Sec. 55.1781. PRAIRIE VIEW A&M UNIVERSITY; ADDITIONAL |
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BONDS. (a) In addition to the other authority granted under this |
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subchapter, the board of regents of The Texas A&M University System |
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may acquire, purchase, construct, improve, renovate, enlarge, or |
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equip property and facilities, including roads and related |
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infrastructure, for Prairie View A&M University for the following |
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projects to be financed by the issuance of bonds in accordance with |
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a systemwide revenue financing program and secured as provided by |
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that program, in aggregate principal amounts not to exceed: |
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(1) $30,790,000 for a fabrication center and capital |
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improvements; and |
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(2) $10 million for the Innovation Commercialization |
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Center for Entrepreneurs facility. |
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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 an institution, branch, or entity of The Texas A&M |
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University System, including student tuition charges. The amount |
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of a pledge made under this subsection may not be reduced or |
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abrogated while the bonds for which the pledge is made, or bonds |
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issued to refund those bonds, are outstanding. |
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(c) If sufficient funds are not available to the board to |
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meet its obligations under this section, the board may transfer |
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funds among institutions, branches, and entities of The Texas A&M |
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University System to ensure the most equitable and efficient |
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allocation of available resources for each institution, branch, or |
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entity to carry out its duties and purposes. |
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(d) Any portion of the proceeds of bonds authorized by this |
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section that is not required for the specific 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 Prairie View A&M University. |
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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. |