Bill Text: TX HB784 | 2015-2016 | 84th Legislature | Introduced

Texas House Bill 784 (Prior Session Legislation)

Introduced

Bill Title: Relating to authorizing the issuance of revenue bonds for a multipurpose education building at Lamar State College--Orange.

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2015-02-23 - Referred to Higher Education [HB784 Detail]

Download: Texas-2015-HB784-Introduced.html

	84R2508 JSL-D

	By: Phelan	H.B. No. 784



	A BILL TO BE ENTITLED
	AN ACT
	relating to authorizing the issuance of revenue bonds for a
	multipurpose education building at Lamar State College--Orange.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
	SECTION 1. Subchapter B, Chapter 55, Education Code, is
	amended by adding Section 55.1784 to read as follows:
	Sec. 55.1784. 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 a multipurpose education building at
	Lamar State College--Orange, 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, in an
	aggregate principal amount not to exceed $12.5 million.
	(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 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.