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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 public institutions of higher education. |
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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 55.1791 to read as follows: |
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Sec. 55.1791. SPECIFIC UNIVERSITY SYSTEMS AND |
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INSTITUTIONS; ADDITIONAL BONDS. (a) In addition to the other |
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authority granted by this subchapter, each of the following boards |
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of regents may acquire, purchase, construct, improve, renovate, |
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enlarge, or equip facilities, including roads and related |
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infrastructure, for one or more projects chosen by the board for |
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institutions or entities under the board's management and control: |
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(1) the board of regents of The Texas A&M University |
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System; |
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(2) the board of regents of The University of Texas |
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System; |
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(3) the board of regents of the University of Houston |
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System; |
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(4) the board of regents of the Texas State University |
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System; |
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(5) the board of regents of the University of North |
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Texas System; |
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(6) the board of regents of Texas Woman's University; |
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(7) the board of regents of Midwestern State |
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University; |
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(8) the board of regents of Stephen F. Austin State |
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University; |
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(9) the board of regents of the Texas Tech University |
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System; and |
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(10) the board of regents of Texas Southern |
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University. |
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(b) Each board may finance projects under Subsection (a) |
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through the issuance of bonds in accordance with this subchapter |
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and, if applicable, in accordance with a systemwide revenue |
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financing program adopted by the board, in an aggregate principal |
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amount not to exceed $50 million. |
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(c) Each board may pledge irrevocably to the payment of |
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bonds authorized by this section all or any part of the revenue |
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funds of the university system or institution, as applicable, |
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including student tuition charges. The amount of a pledge made |
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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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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, 2021. |