Bill Text: TX SB1672 | 2011-2012 | 82nd Legislature | Introduced

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Bill Title: Relating to authorizing the issuance of revenue bonds for a library at Texas Southern University.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2011-03-23 - Referred to Finance [SB1672 Detail]

Download: Texas-2011-SB1672-Introduced.html

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82R3591 KJM-D
By: Ellis S.B. No. 1672

A BILL TO BE ENTITLED
AN ACT
relating to authorizing the issuance of revenue bonds for a library
at Texas Southern 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 55.17891 to read as follows:
Sec. 55.17891. TEXAS SOUTHERN UNIVERSITY; ADDITIONAL
BONDS. (a) In addition to the other authority granted under this
subchapter, the board of regents of Texas Southern University may
acquire, purchase, construct, improve, renovate, enlarge, or equip
property, buildings, structures, facilities, roads, or related
infrastructure for a library at Texas Southern University, 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 $56 million.
(b) The board may pledge irrevocably to the payment of the
bonds authorized by Subsection (a) all or any part of the revenue
funds of an institution, branch, or entity of Texas Southern
University, 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 Texas Southern
University 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. Section 61.0572(e), Education Code, is amended
to read as follows:
(e) Approval of the board is not required to acquire real
property that is financed by bonds issued under Section 55.17(e)(3)
or (4), 55.1713-55.1718, 55.1721-55.1728, 55.1735(a)(1), 55.174,
55.1742, 55.1743, 55.1744, 55.1751-55.17592, 55.1768, 55.1771,
[or] 55.17721, or 55.17891, except that the board shall review all
real property to be financed by bonds issued under those sections to
determine whether the property meets the standards adopted by the
board for cost, efficiency, and space use. If the property does
not meet those standards, the board shall notify the governor, the
lieutenant governor, the speaker of the house of representatives,
and the Legislative Budget Board.
SECTION 3. Section 61.058(b), Education Code, is amended to
read as follows:
(b) This section does not apply to construction, repair, or
rehabilitation financed by bonds issued under Section 55.17(e)(3)
or (4), 55.1713-55.1718, 55.1721-55.1728, 55.174, 55.1742,
55.1743, 55.1744, 55.1751-55.17592, 55.1768, 55.1771, [or]
55.17721, or 55.17891, except that the board shall review all
construction, repair, or rehabilitation to be financed by bonds
issued under those sections to determine whether the construction,
rehabilitation, or repair meets the standards adopted by board rule
for cost, efficiency, and space use. If the construction,
rehabilitation, or repair does not meet those standards, the board
shall notify the governor, the lieutenant governor, the speaker of
the house of representatives, and the Legislative Budget Board.
SECTION 4. 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, 2011.