Bill Text: TX SB847 | 2021-2022 | 87th Legislature | Introduced
Bill Title: Relating to authorizing the issuance of revenue bonds for capital projects at Texas Tech University Health Sciences Center El Paso.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2021-03-11 - Referred to Higher Education [SB847 Detail]
Download: Texas-2021-SB847-Introduced.html
| 87R4682 JRJ-D | ||
| By: Blanco | S.B. No. 847 | |
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| relating to authorizing the issuance of revenue bonds for capital | ||
| projects at Texas Tech University Health Sciences Center El Paso. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter B, Chapter 55, Education Code, is | ||
| amended by adding Section 55.1799 to read as follows: | ||
| Sec. 55.1799. TEXAS TECH UNIVERSITY HEALTH SCIENCES CENTER | ||
| EL PASO; ADDITIONAL BONDS. (a) In addition to the other authority | ||
| granted under this subchapter, the board of regents of the Texas | ||
| Tech University System may acquire, purchase, construct, improve, | ||
| renovate, enlarge, or equip property and facilities, including | ||
| roads and related infrastructure, for Texas Tech University Health | ||
| Sciences Center El Paso for the construction of a dental school | ||
| building, to be financed by the issuance of bonds in accordance with | ||
| a systemwide revenue financing program and secured as provided by | ||
| that program, in an aggregate principal amount not to exceed | ||
| $26,171,922. | ||
| (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 an institution, branch, or entity of the Texas Tech | ||
| University System, 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 the Texas Tech | ||
| University System 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. 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 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, 2021. | ||
