Bill Text: TX HB1467 | 2015-2016 | 84th Legislature | Introduced
Bill Title: Relating to authorizing the issuance of revenue bonds for a classroom building at Texas A&M University--Kingsville.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2015-03-05 - Referred to Higher Education [HB1467 Detail]
Download: Texas-2015-HB1467-Introduced.html
84R7988 JSL-F | ||
By: Lozano | H.B. No. 1467 |
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relating to authorizing the issuance of revenue bonds for a | ||
classroom building at Texas A&M University--Kingsville. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter B, Chapter 55, Education Code, is | ||
amended by adding Section 55.17813 to read as follows: | ||
Sec. 55.17813. TEXAS A&M UNIVERSITY--KINGSVILLE; | ||
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 a science, technology, | ||
engineering, and mathematics classroom building at Texas A&M | ||
University--Kingsville 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 $93 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 September 1, 2015. |