84R10536 AAF-D
 
  By: Canales H.B. No. 2097
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to authorizing the issuance of revenue bonds to fund an
  interdisciplinary engineering and academic studies building at The
  University of Texas Rio Grande Valley.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter B, Chapter 55, Education Code, is
  amended by adding Section 55.17827 to read as follows:
         Sec. 55.17827.  THE UNIVERSITY OF TEXAS SYSTEM; ADDITIONAL
  BONDS. (a) In addition to the other authority granted by this
  subchapter, the board of regents of The University of Texas System
  may acquire, purchase, construct, improve, renovate, enlarge, or
  equip property and facilities, including roads and related
  infrastructure, for an interdisciplinary engineering and academic
  studies building at The University of Texas Rio Grande Valley 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 $42.5 million.
         (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 Texas
  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 Texas 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.
         SECTION 2.  This Act does not affect any authority or
  restriction regarding the activities that a public institution of
  higher education may conduct in connection with a facility financed
  by bonds authorized by this Act.
         SECTION 3.  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.