Bill Text: TX HB1476 | 2015-2016 | 84th Legislature | Introduced
Bill Title: Relating to authorizing the issuance of revenue bonds for capital projects at Texas A&M University-Commerce.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2015-03-05 - Referred to Higher Education [HB1476 Detail]
Download: Texas-2015-HB1476-Introduced.html
| By: Flynn | H.B. No. 1476 | |
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| elating to authorizing the issuance of revenue bonds for capital | ||
| projects at Texas A&M University-Commerce. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter B, Chapter 55, Education Code, is | ||
| amended by adding Section 55.1781 to read as follows: | ||
| Sec. 55.1781. TEXAS A&M UNIVERSITY-COMMERCE; 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-Commerce for the | ||
| following projects to be financed by the issuance of bonds in | ||
| accordance with a systemwide revenue financing program and secured | ||
| as provided by that program, in aggregate principal amounts not to | ||
| exceed: | ||
| (1) $54 million for a nursing and health sciences | ||
| building; and | ||
| (2) $54 million for a library and center for | ||
| educational innovation and faculty development. | ||
| (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, 2015. | ||
