Bill Text: TX SB281 | 2011-2012 | 82nd Legislature | Introduced

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Bill Title: Relating to authorizing the issuance of revenue bonds for a molecular science building at Stephen F. Austin State University.

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2011-01-31 - Referred to Finance [SB281 Detail]

Download: Texas-2011-SB281-Introduced.html

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82R1666 KSD-D
By: Nichols S.B. No. 281

A BILL TO BE ENTITLED
AN ACT
relating to authorizing the issuance of revenue bonds for a
molecular science building 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, buildings, structures,
facilities, roads, or related infrastructure for a molecular
science building 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. 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 55.1788, 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 55.1788, 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.
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.