Bill Text: TX SB25 | 2013 | 83rd Legislature 1st Special Session | Introduced
Bill Title: Relating to authorizing the issuance of revenue bonds for a Science, Technology, Engineering, and Mathematics Education and Research Center at Stephen F. Austin State University.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2013-06-05 - Filed [SB25 Detail]
Download: Texas-2013-SB25-Introduced.html
83S10155 KSD-D | ||
By: Nichols | S.B. No. 25 |
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relating to authorizing the issuance of revenue bonds for a | ||
Science, Technology, Engineering, and Mathematics Education and | ||
Research Center at Stephen F. Austin State 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 55.1788 to read as follows: | ||
Sec. 55.1788. STEPHEN F. AUSTIN STATE UNIVERSITY; | ||
ADDITIONAL BONDS. (a) In addition to the other authority granted | ||
under this subchapter, the board of regents of Stephen F. Austin | ||
State University may acquire, purchase, construct, improve, | ||
renovate, enlarge, or equip property and facilities, including | ||
roads and related infrastructure, for a Science, Technology, | ||
Engineering, and Mathematics Education and Research Center at | ||
Stephen F. Austin State University, to be financed by the issuance | ||
of bonds in accordance with this subchapter in an aggregate | ||
principal amount not to exceed $50 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 Stephen F. Austin State 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) Any portion of the proceeds of bonds authorized by this | ||
section that is not required for the specified project for which the | ||
bonds are authorized may be used to renovate existing structures | ||
and facilities at the institution. | ||
SECTION 2. (a) If S.B. No. 215, 83rd Legislature, Regular | ||
Session, 2013, does not become law, Subsection (e), Section | ||
61.0572, 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, | ||
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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. | ||
(b) If S.B. No. 215, 83rd Legislature, Regular Session, | ||
2013, becomes law, this section has no effect. | ||
SECTION 3. (a) If S.B. No. 215, 83rd Legislature, Regular | ||
Session, 2013, does not become law, Subsection (b), Section 61.058, | ||
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, [ |
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55.17721, or 55.1788, 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. | ||
(b) If S.B. No. 215, 83rd Legislature, Regular Session, | ||
2013, becomes law, this section has no effect. | ||
SECTION 4. This Act takes effect October 1, 2013. |