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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 for certain |
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capital projects at Sul Ross State University. |
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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 55.17994 to read as follows: |
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Sec. 55.17994. SUL ROSS STATE UNIVERSITY; ADDITIONAL BONDS. |
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(a) In addition to the other authority granted under 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 Sul Ross State University for the |
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expansion of agricultural, life, and physical sciences facilities, |
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to be financed by the issuance of bonds in accordance with a |
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systemwide revenue financing program and secured as provided by |
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that program, in an aggregate principal amount not to exceed |
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$70,000,000. |
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(b) The board may pledge irrevocably to the payment of the |
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bonds authorized by this section all or any part of the revenue |
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funds of an institution, branch, or entity of the Texas State |
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University System, including student tuition charges. The amount |
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of a pledge made under this subsection may not be reduced or |
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abrogated while the bonds for which the pledge is made, or bonds |
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issued to refund those 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 immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2025. |