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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 medical |
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education building for the Texas Tech University Health Sciences |
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Center. |
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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 55.178912 to read as follows: |
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Sec. 55.178912. TEXAS TECH UNIVERSITY SYSTEM; ADDITIONAL |
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REVENUE BONDS. (a) In addition to the other authority granted |
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under this subchapter, the board of regents of the Texas Tech |
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University System may acquire, purchase, construct, improve, |
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renovate, enlarge, or equip property, buildings, structures, |
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facilities, roads, or related infrastructure for a medical |
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education building to support the Texas Tech University Health |
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Sciences Center's educational programs in the city of Amarillo, to |
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be financed by the issuance of bonds in accordance with this |
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subchapter, including bonds issued in accordance with a systemwide |
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revenue financing program and secured as provided by that program, |
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not to exceed $6,350,000. |
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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 Tech |
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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 Tech |
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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 the Texas Tech University Health Sciences Center. |
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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. |