84R7987 AAF-F
 
  By: Alvarado H.B. No. 1505
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to authorizing the issuance of revenue bonds to fund a
  science and technology building at the downtown campus of the
  University of Houston.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter B, Chapter 55, Education Code, is
  amended by adding Section 55.17833 to read as follows:
         Sec. 55.17833.  UNIVERSITY OF HOUSTON SYSTEM; ADDITIONAL
  BONDS. (a) In addition to the other authority granted by this
  subchapter, the board of regents of the University of Houston
  System may acquire, purchase, construct, improve, renovate,
  enlarge, or equip property and facilities, including roads and
  related infrastructure, for a science and technology building
  located at the University of Houston--Downtown to be financed
  through 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 $108,700,000.
         (b)  The board may pledge irrevocably to the payment of bonds
  authorized by this section all or any part of the revenue funds of
  an institution, branch, or entity of the University of Houston
  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 University
  of Houston 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.
         (d)  Any portion of the proceeds of bonds authorized by this
  section that is not required for the specific project for which the
  bonds are authorized may be used to renovate existing structures
  and facilities at the University of Houston.
         SECTION 2.  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, 2015.