By: Morrison H.B. No. 2898
A BILL TO BE ENTITLED
AN ACT
Relating to the issuance of tuition revenue bonds for the
University of Houston-Victoria.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter B, Chapter 55, education code, is
amended by adding Section 55.1783 to read as follows:
Sec. 55.1783. UNIVERSITY OF HOUSTON SYSTEM;
ADDITIONAL BONDS. (a) In addition to the other authority granted
by this subchapter, the board of regents of the University of
Houston System may acquire, purchase, construct, improve,
renovate, enlarge, or equip facilities, including roads and related
infrastructure, for the following institutions, to be financed
through the issuance of bonds in accordance with this subchapter
and in accordance with a systemwide revenue financing program
adopted by the board, in aggregate principal amounts not to exceed
$61,500,000 for the University of Houston-Victoria for an
academic/office/laboratory facility.
(b) The board may pledge irrevocably to the payment of bonds
authorized by this section all or any part of the revenue funds of
an institution, branch, or entity of the University of Houston
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 Houston 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, 2011.