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