Bill Text: TX HB3261 | 2015-2016 | 84th Legislature | Introduced
Bill Title: Relating to authorizing the issuance of revenue bonds for capital projects at West Texas A&M University.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2015-03-17 - Referred to Higher Education [HB3261 Detail]
Download: Texas-2015-HB3261-Introduced.html
84R6718 JSL-D | ||
By: Price | H.B. No. 3261 |
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relating to authorizing the issuance of revenue bonds for capital | ||
projects at West Texas A&M University. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter B, Chapter 55, Education Code, is | ||
amended by adding Section 55.17812 to read as follows: | ||
Sec. 55.17812. WEST TEXAS A&M UNIVERSITY; 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 West Texas A&M University 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) $43 million for construction of an agricultural | ||
sciences complex; and | ||
(2) $10 million for renovation of the Amarillo Center. | ||
(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. | ||
(d) Any portion of the proceeds of bonds authorized by this | ||
section that is not required for the specific project for which the | ||
bonds are authorized may be used to renovate existing structures | ||
and facilities at West Texas A&M University. | ||
SECTION 2. 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. |