Bill Text: TX HB158 | 2021 | 87th Legislature 3rd Special Session | Introduced
Bill Title: Relating to authorizing the issuance of revenue bonds for capital projects at The University of Texas of the Permian Basin.
Sponsorship: Partisan Bill (Republican 1)
Status: (Introduced - Dead) 2021-10-15 - Referred to Appropriations [HB158 Detail]
Download: Texas-2021-HB158-Introduced.html
| 87S30780 MM-D | ||
| By: Landgraf | H.B. No. 158 | |
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| relating to authorizing the issuance of revenue bonds for capital | ||
| projects at The University of Texas of the Permian Basin. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter B, Chapter 55, Education Code, is | ||
| amended by adding Section 55.1792 to read as follows: | ||
| Sec. 55.1792. THE UNIVERSITY OF TEXAS OF THE PERMIAN BASIN; | ||
| ADDITIONAL BONDS. (a) In addition to the other authority granted | ||
| under this subchapter, the board of regents of The University of | ||
| Texas System may acquire, purchase, construct, improve, renovate, | ||
| enlarge, or equip property and facilities, including roads and | ||
| related infrastructure, for The University of Texas of the Permian | ||
| Basin for renovation of the Mesa Building and campus | ||
| transformation, 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 $70 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 University of | ||
| Texas 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 University | ||
| of Texas 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 on the 91st day after the | ||
| last day of the legislative session. | ||
