| 1 | 1 | | 81R11461 KSD-D |
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| 2 | 2 | | By: Lewis H.B. No. 3757 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to authorizing the issuance of revenue bonds for a medical |
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| 8 | 8 | | education building for the Texas Tech University Health Sciences |
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| 9 | 9 | | Center. |
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| 10 | 10 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 11 | 11 | | SECTION 1. Subchapter B, Chapter 55, Education Code, is |
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| 12 | 12 | | amended by adding Section 55.1779 to read as follows: |
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| 13 | 13 | | Sec. 55.1779. TEXAS TECH UNIVERSITY SYSTEM; ADDITIONAL |
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| 14 | 14 | | REVENUE BONDS. (a) In addition to the other authority granted |
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| 15 | 15 | | under this subchapter, the board of regents of the Texas Tech |
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| 16 | 16 | | University System may acquire, purchase, construct, improve, |
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| 17 | 17 | | renovate, enlarge, or equip property, buildings, structures, |
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| 18 | 18 | | facilities, roads, or related infrastructure for a medical |
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| 19 | 19 | | education building to support the Texas Tech University Health |
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| 20 | 20 | | Sciences Center's educational programs in the city of Odessa, to be |
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| 21 | 21 | | financed by the issuance of bonds in accordance with this |
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| 22 | 22 | | subchapter, including bonds issued in accordance with a systemwide |
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| 23 | 23 | | revenue financing program and secured as provided by that program, |
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| 24 | 24 | | not to exceed $12.6 million. |
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| 25 | 25 | | (b) The board may pledge irrevocably to the payment of the |
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| 26 | 26 | | bonds authorized by this section all or any part of the revenue |
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| 27 | 27 | | funds of an institution, branch, or entity of the Texas Tech |
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| 28 | 28 | | University System, including student tuition charges. The amount |
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| 29 | 29 | | of a pledge made under this subsection may not be reduced or |
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| 30 | 30 | | abrogated while the bonds for which the pledge is made, or bonds |
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| 31 | 31 | | issued to refund those bonds, are outstanding. |
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| 32 | 32 | | (c) If sufficient funds are not available to the board to |
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| 33 | 33 | | meet its obligations under this section, the board may transfer |
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| 34 | 34 | | funds among institutions, branches, and entities of the Texas Tech |
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| 35 | 35 | | University System to ensure the most equitable and efficient |
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| 36 | 36 | | allocation of available resources for each institution, branch, or |
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| 37 | 37 | | entity to carry out its duties and purposes. |
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| 38 | 38 | | (d) Any portion of the proceeds of bonds authorized by this |
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| 39 | 39 | | section that is not required for the specific project for which the |
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| 40 | 40 | | bonds are authorized may be used to renovate existing structures |
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| 41 | 41 | | and facilities at the Texas Tech University Health Sciences Center. |
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| 42 | 42 | | SECTION 2. Section 61.0572(e), Education Code, is amended |
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| 43 | 43 | | to read as follows: |
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| 44 | 44 | | (e) Approval of the board is not required to acquire real |
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| 45 | 45 | | property that is financed by bonds issued under Section 55.17(e)(3) |
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| 46 | 46 | | or (4), 55.1713-55.1718, 55.1721-55.1728, 55.1735(a)(1), 55.174, |
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| 47 | 47 | | 55.1742, 55.1743, 55.1744, 55.1751-55.17592, [or] 55.1768, or |
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| 48 | 48 | | 55.1779, except that the board shall review all real property to be |
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| 49 | 49 | | financed by bonds issued under those sections to determine whether |
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| 50 | 50 | | the property meets the standards adopted by the board for cost, |
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| 51 | 51 | | efficiency, and space use. If the property does not meet those |
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| 52 | 52 | | standards, the board shall notify the governor, the lieutenant |
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| 53 | 53 | | governor, the speaker of the house of representatives, and the |
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| 54 | 54 | | Legislative Budget Board. |
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| 55 | 55 | | SECTION 3. Section 61.058(b), Education Code, is amended to |
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| 56 | 56 | | read as follows: |
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| 57 | 57 | | (b) This section does not apply to construction, repair, or |
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| 58 | 58 | | rehabilitation financed by bonds issued under Section 55.17(e)(3) |
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| 59 | 59 | | or (4), 55.1713-55.1718, 55.1721-55.1728, 55.174, 55.1742, |
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| 60 | 60 | | 55.1743, 55.1744, 55.1751-55.17592, [or] 55.1768, or 55.1779, |
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| 61 | 61 | | except that the board shall review all construction, repair, or |
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| 62 | 62 | | rehabilitation to be financed by bonds issued under those sections |
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| 63 | 63 | | to determine whether the construction, rehabilitation, or repair |
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| 64 | 64 | | meets the standards adopted by board rule for cost, efficiency, and |
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| 65 | 65 | | space use. If the construction, rehabilitation, or repair does not |
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| 66 | 66 | | meet those standards, the board shall notify the governor, the |
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| 67 | 67 | | lieutenant governor, the speaker of the house of representatives, |
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| 68 | 68 | | and the Legislative Budget Board. |
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| 69 | 69 | | SECTION 4. This Act takes effect immediately if it receives |
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| 70 | 70 | | a vote of two-thirds of all the members elected to each house, as |
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| 71 | 71 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 72 | 72 | | Act does not receive the vote necessary for immediate effect, this |
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| 73 | 73 | | Act takes effect September 1, 2009. |
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