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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 library |
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at Texas Southern 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 55.17891 to read as follows: |
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Sec. 55.17891. TEXAS SOUTHERN 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 Texas Southern University may |
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acquire, purchase, construct, improve, renovate, enlarge, or equip |
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property, buildings, structures, facilities, roads, or related |
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infrastructure for a library at Texas Southern University, to be |
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financed by the issuance of bonds in accordance with this |
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subchapter in an aggregate principal amount not to exceed $85 |
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million. |
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(b) The board may pledge irrevocably to the payment of the |
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bonds authorized by Subsection (a) all or any part of the revenue |
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funds of Texas Southern University, including student tuition |
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charges. The amount of a pledge made under this subsection may not |
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be reduced or abrogated while the bonds for which the pledge is |
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made, or bonds issued to refund those bonds, are outstanding. |
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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. |