By: Alonzo H.B. No. 4591
A BILL TO BE ENTITLED
AN ACT
relating to the issuance of general obligation bonds to provide
funding to develop and maintain research universities in this state
of the highest tier.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter C, Chapter 61, Education Code, is
amended by adding Section 61.0585 to read as follows:
Sec. 61.0585. BONDS TO SUPPORT DEVELOPMENT OF TIER ONE
RESEARCH UNIVERSITIES. The coordinating board shall direct the
Texas Public Finance Authority to issue bonds in an amount
necessary to provide funds appropriated by the legislature to
develop and maintain research universities in this state of the
highest tier.
SECTION 2. This Act takes effect January 1, 2010, but only
if the constitutional amendment proposed by the 81st Legislature,
Regular Session, 2009, providing for the issuance of general
obligation bonds to provide funding to develop and maintain
research universities in this state of the highest tier is approved
by the voters. If that amendment is not approved by the voters,
this Act has no effect.