87S30780 MM-D
 
  By: Landgraf H.B. No. 158
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to authorizing the issuance of revenue bonds for capital
  projects at The University of Texas of the Permian Basin.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter B, Chapter 55, Education Code, is
  amended by adding Section 55.1792 to read as follows:
         Sec. 55.1792.  THE UNIVERSITY OF TEXAS OF THE PERMIAN BASIN;
  ADDITIONAL BONDS.  (a)  In addition to the other authority granted
  under 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 The University of Texas of the Permian
  Basin for renovation of the Mesa Building and campus
  transformation, to be financed by the issuance of bonds in
  accordance with a systemwide revenue financing program and secured
  as provided by that program, in an aggregate principal amount not to
  exceed $70 million.
         (b)  The board may pledge irrevocably to the payment of the
  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 on the 91st day after the
  last day of the legislative session.