84R2508 JSL-D
 
  By: Nichols S.B. No. 323
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to authorizing the issuance of revenue bonds for a
  multipurpose education building at Lamar State College--Orange.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter B, Chapter 55, Education Code, is
  amended by adding Section 55.1784 to read as follows:
         Sec. 55.1784.  TEXAS STATE UNIVERSITY SYSTEM; ADDITIONAL
  BONDS. (a)  In addition to the other authority granted by this
  subchapter, the board of regents of the Texas State University
  System may acquire, purchase, construct, improve, renovate,
  enlarge, or equip property and facilities, including roads and
  related infrastructure, for a multipurpose education building at
  Lamar State College--Orange, to be financed through the issuance of
  bonds in accordance with this subchapter and in accordance with a
  systemwide revenue financing program adopted by the board, in an
  aggregate principal amount not to exceed $12.5 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 Texas State University
  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 Texas State
  University 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.