Bill Text: TX HB1547 | 2019-2020 | 86th Legislature | Introduced
Bill Title: Relating to authorizing the issuance of revenue bonds to fund capital projects at Sul Ross State University and Sul Ross State University Rio Grande College.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2019-03-04 - Referred to Higher Education [HB1547 Detail]
Download: Texas-2019-HB1547-Introduced.html
| 86R8100 MM-F | ||
| By: Nevárez | H.B. No. 1547 | |
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| relating to authorizing the issuance of revenue bonds to fund | ||
| capital projects at Sul Ross State University and Sul Ross State | ||
| University Rio Grande College. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter B, Chapter 55, Education Code, is | ||
| amended by adding Section 55.1794 to read as follows: | ||
| Sec. 55.1794. TEXAS STATE UNIVERSITY SYSTEM; ADDITIONAL | ||
| BONDS. (a) In addition to the other authority granted by this | ||
| subchapter, the board of regents of the Texas State University | ||
| System may acquire, purchase, construct, improve, renovate, | ||
| enlarge, or equip property and facilities, including roads and | ||
| related infrastructure, for projects 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 for the following institutions, not to exceed the | ||
| following aggregate principal amounts for the projects specified, | ||
| as follows: | ||
| (1) Sul Ross State University, $25,550,000 for | ||
| expansion of a fine arts facility; and | ||
| (2) Sul Ross State University Rio Grande College, $20 | ||
| million for construction of an academic building. | ||
| (b) The board may pledge irrevocably to the payment of bonds | ||
| authorized by this section all or any part of the revenue funds of | ||
| an institution, branch, or entity of the Texas State 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 State | ||
| 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, 2019. | ||
