Bill Text: TX SB1229 | 2021-2022 | 87th Legislature | Introduced
Bill Title: Relating to authorizing the issuance of revenue bonds for capital projects at Texas A&M University at Galveston.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2021-03-18 - Referred to Higher Education [SB1229 Detail]
Download: Texas-2021-SB1229-Introduced.html
87R3396 MM-D | ||
By: Taylor | S.B. No. 1229 |
|
||
|
||
relating to authorizing the issuance of revenue bonds for capital | ||
projects at Texas A&M University at Galveston. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter B, Chapter 55, Education Code, is | ||
amended by adding Section 55.1791 to read as follows: | ||
Sec. 55.1791. TEXAS A&M UNIVERSITY AT GALVESTON; 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 Texas A&M University at Galveston for | ||
infrastructure improvements to accommodate and support a larger | ||
training vessel, 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 $45 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 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. | ||
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, 2021. |