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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 to fund the |
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renovation of Robert A. Welch Hall at The University of Texas at |
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Austin. |
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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 55.17825 to read as follows: |
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Sec. 55.17825. THE UNIVERSITY OF TEXAS SYSTEM; ADDITIONAL |
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BONDS. (a) In addition to the other authority granted by this |
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subchapter, the board of regents of The University of Texas 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 the renovation of Robert A. Welch Hall at The |
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University of Texas at Austin to be financed through the issuance of |
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bonds in accordance with this subchapter, including bonds issued in |
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accordance with a systemwide revenue financing program and secured |
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as provided by that program, in an aggregate principal amount not to |
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exceed $67,500,000. |
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(b) The board may pledge irrevocably to the payment of bonds |
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authorized by this section all or any part of the revenue funds of |
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an institution, branch, or entity of The University of Texas |
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System, including student tuition charges. The amount of a pledge |
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made under this subsection may not be reduced or abrogated while the |
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bonds for which the pledge is made, or bonds issued to refund those |
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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 University |
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of Texas 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 The University of Texas at Austin. |
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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. |