Bill Text: TX SB758 | 2021-2022 | 87th Legislature | Introduced


Bill Title: Relating to authorizing the issuance of revenue bonds to fund capital projects at public institutions of higher education.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2021-03-11 - Referred to Higher Education [SB758 Detail]

Download: Texas-2021-SB758-Introduced.html
  87R6240 MM-D
 
  By: Seliger S.B. No. 758
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to authorizing the issuance of revenue bonds to fund
  capital projects at public institutions of higher education.
         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.  SPECIFIC UNIVERSITY SYSTEMS AND
  INSTITUTIONS; ADDITIONAL BONDS. (a) In addition to the other
  authority granted by this subchapter, each of the following boards
  of regents may acquire, purchase, construct, improve, renovate,
  enlarge, or equip facilities, including roads and related
  infrastructure, for one or more projects chosen by the board for
  institutions or entities under the board's management and control:
               (1)  the board of regents of The Texas A&M University
  System;
               (2)  the board of regents of The University of Texas
  System;
               (3)  the board of regents of the University of Houston
  System;
               (4)  the board of regents of the Texas State University
  System;
               (5)  the board of regents of the University of North
  Texas System;
               (6)  the board of regents of Texas Woman's University;
               (7)  the board of regents of Midwestern State
  University;
               (8)  the board of regents of Stephen F. Austin State
  University;
               (9)  the board of regents of the Texas Tech University
  System; and
               (10)  the board of regents of Texas Southern
  University.
         (b)  Each board may finance projects under Subsection (a)
  through the issuance of bonds in accordance with this subchapter
  and, if applicable, in accordance with a systemwide revenue
  financing program adopted by the board, in an aggregate principal
  amount not to exceed $50 million.
         (c)  Each board may pledge irrevocably to the payment of
  bonds authorized by this section all or any part of the revenue
  funds of the university system or institution, as applicable,
  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.
         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 September 1, 2021.
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