Bill Text: TX SB5 | 2013 | 83rd Legislature 3rd Special Session | Introduced


Bill Title: Relating to authorizing the issuance of revenue bonds for The University of Texas at Austin.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2013-07-30 - Filed [SB5 Detail]

Download: Texas-2013-SB5-Introduced.html
 
 
  By: Watson S.B. No. 5
 
 
 
   
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to authorizing the issuance of revenue bonds for The
  University of Texas at Austin.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter B, Chapter 55, Education Code, is
  amended by adding Section 55.1782 to read as follows:
         Sec. 55.1782.  THE UNIVERSITY OF TEXAS SYSTEM; ADDITIONAL
  BONDS. (a)  In addition to the other authority granted by this
  subchapter, the board of regents of The University of Texas System
  may acquire, purchase, construct, improve, renovate, enlarge, or
  equip property and facilities, including roads and related
  infrastructure, for an engineering education and research center
  for The University of Texas at Austin, 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 $95 million.
         (b)  The board may pledge irrevocably to the payment of bonds
  authorized by Subsection (a) all or any part of the revenue funds of
  an institution, branch, or entity of The University of Texas
  System, including tuition charges required or authorized by law to
  be imposed on students enrolled at an institution, branch, or
  entity of The University of Texas System. 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 University
  of Texas System to ensure the most equitable and efficient
  allocation of available resources for each institution, branch, or
  entity to carry out its constitutional and statutory duties and
  purposes.
         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,
  [or] 55.17721, or 55.1782, 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.
         (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, [or]
  55.17721, or 55.1782, 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 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 5.  This Act takes effect October 1, 2013.
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