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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 |
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capital projects at Sul Ross State University and Sul Ross State |
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University Rio Grande College. |
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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 55.1794 to read as follows: |
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Sec. 55.1794. TEXAS STATE UNIVERSITY 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 Texas State University |
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System may acquire, purchase, construct, improve, renovate, |
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enlarge, or equip property and facilities, including roads and |
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related infrastructure, for projects to be financed through the |
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issuance of bonds in accordance with this subchapter and in |
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accordance with a systemwide revenue financing program adopted by |
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the board for the following institutions, not to exceed the |
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following aggregate principal amounts for the projects specified, |
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as follows: |
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(1) Sul Ross State University, $25,550,000 for |
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expansion of a fine arts facility; and |
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(2) Sul Ross State University Rio Grande College, $20 |
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million for construction of an academic building. |
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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 Texas State University |
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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 Texas State |
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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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SECTION 2. This Act does not affect any authority or |
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restriction regarding the activities that a public institution of |
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higher education may conduct in connection with a facility financed |
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by bonds authorized by this Act. |
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SECTION 3. This Act takes effect September 1, 2019. |