Bill Text: TX SB162 | 2015-2016 | 84th Legislature | Introduced


Bill Title: Relating to authorizing the issuance of revenue bonds to fund capital projects at the Texas Tech University Health Sciences Center at El Paso.

Status: (Introduced) 2014-11-10 - Filed [SB162 Detail]

Download: Texas-2015-SB162-Introduced.html
  84R2746 KSD-D
 
  By: Rodríguez S.B. No. 162
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to authorizing the issuance of revenue bonds to fund
  capital projects at the Texas Tech University Health Sciences
  Center at El Paso.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter B, Chapter 55, Education Code, is
  amended by adding Section 55.1789 to read as follows:
         Sec. 55.1789.  TEXAS TECH UNIVERSITY SYSTEM; ADDITIONAL
  BONDS. (a) In addition to the other authority granted by this
  subchapter, the board of regents of the Texas Tech University
  System may acquire, purchase, construct, improve, renovate,
  enlarge, or equip facilities, including roads and related
  infrastructure, for projects at the Texas Tech University Health
  Sciences Center at El Paso, to be financed through the issuance of
  bonds in accordance with this subchapter and in accordance with a
  systemwide revenue financing program adopted by the board, not to
  exceed the following aggregate principal amounts for the projects
  specified as follows:
               (1)  $84,960,000 for the El Paso Medical Science
  Building II; and
               (2)  $30,960,000 for the El Paso Clinical Sciences
  Building.
         (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 Tech
  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 Tech
  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.
         (d)  Any portion of the proceeds of bonds authorized by this
  section that is not required for the specific project for which the
  bonds are authorized may be used to renovate existing structures
  and facilities at the Texas Tech University Health Sciences Center
  at El Paso.
         SECTION 2.  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, 2015.
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