Bill Text: TX HB30 | 2013 | 83rd Legislature 2nd Special Session | Introduced
Bill Title: Relating to authorizing the issuance of revenue bonds for The University of Texas at Austin.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2013-07-10 - Referred to Appropriations [HB30 Detail]
Download: Texas-2013-HB30-Introduced.html
| 83S20075 KSD-D | ||
| By: Howard | H.B. No. 30 | |
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| relating to authorizing the issuance of revenue bonds for The | ||
| University of Texas at Austin. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter B, Chapter 55, Education Code, is | ||
| amended by adding Section 55.1782 to read as follows: | ||
| Sec. 55.1782. THE UNIVERSITY OF TEXAS SYSTEM; ADDITIONAL | ||
| BONDS. (a) In addition to the other authority granted by 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 an engineering education and research center | ||
| for The University of Texas at Austin, to be financed by the | ||
| issuance of bonds in accordance with this subchapter, including | ||
| bonds issued in accordance with a systemwide revenue financing | ||
| program and secured as provided by that program, in an aggregate | ||
| principal amount not to exceed $95 million. | ||
| (b) The board may pledge irrevocably to the payment of | ||
| bonds authorized by Subsection (a) all or any part of the revenue | ||
| funds of an institution, branch, or entity of The University of | ||
| Texas System, including tuition charges required or authorized by | ||
| law to be imposed on students enrolled at an institution, branch, or | ||
| entity of The University of Texas System. 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 constitutional and statutory 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 November 1, 2013. | ||
