| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to authorizing the issuance of revenue bonds for capital |
|
|
projects at Texas A&M University at Galveston. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Subchapter B, Chapter 55, Education Code, is |
|
|
amended by adding Section 55.1791 to read as follows: |
|
|
Sec. 55.1791. TEXAS A&M UNIVERSITY AT GALVESTON; ADDITIONAL |
|
|
BONDS. (a) In addition to the other authority granted under this |
|
|
subchapter, the board of regents of The Texas A&M University System |
|
|
may acquire, purchase, construct, improve, renovate, enlarge, or |
|
|
equip property and facilities, including roads and related |
|
|
infrastructure, for Texas A&M University at Galveston for |
|
|
infrastructure improvements to accommodate and support a larger |
|
|
training vessel, 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 $45 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 Texas A&M |
|
|
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 A&M |
|
|
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, 2021. |