Bill Text: TX SB847 | 2023-2024 | 88th Legislature | Introduced

Texas Senate Bill 847

Introduced

Bill Title: Relating to authorizing the issuance of revenue bonds for certain capital projects at The University of Texas at El Paso.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2023-03-01 - Referred to s/c on Higher Education by Pres [SB847 Detail]

Download: Texas-2023-SB847-Introduced.html

	88R8130 MM-D

	By: Blanco	S.B. No. 847



	A BILL TO BE ENTITLED
	AN ACT
	relating to authorizing the issuance of revenue bonds for certain
	capital projects at The University of Texas at 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 55.17992 to read as follows:
	Sec. 55.17992. THE UNIVERSITY OF TEXAS AT EL PASO;
	ADDITIONAL BONDS. (a) In addition to the other authority granted
	under 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 projects at The University of Texas at
	El Paso, 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 amount not to exceed the following aggregate
	principal amounts for the projects specified, as follows:
	(1) $100 million for renovation, repair, and
	completion of existing academic buildings; and
	(2) $65 million for construction of a student success
	building.
	(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 University of
	Texas 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 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 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, 2023.