83S30065 KEL-D
By: Rodriguez S.B. No. 15
A BILL TO BE ENTITLED
AN ACT
relating to authorizing the issuance of revenue bonds to fund
capital projects for the Texas Tech University Health Sciences
Center 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 55.1789 to read as follows:
Sec. 55.1789. TEXAS TECH UNIVERSITY SYSTEM; ADDITIONAL
BONDS. (a) In addition to the other authority granted by this
subchapter, the board of regents of the Texas Tech University
System may acquire, purchase, construct, improve, renovate,
enlarge, or equip property and facilities, including roads and
related infrastructure, for projects for the Texas Tech University
Health Sciences Center at El Paso, 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, not to exceed the following aggregate principal amounts
for the projects specified as follows:
(1) $89.1 million for the El Paso Medical Science
Building II; and
(2) $27 million for the El Paso Clinical Sciences
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 Texas Tech
University 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 Texas Tech
University 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.
(d) Any portion of the proceeds of bonds authorized by this
section that is not required for the specific project for which the
bonds are authorized may be used to renovate existing structures
and facilities of the Texas Tech University Health Sciences Center
at El Paso.
SECTION 2. This Act takes effect on the 91st day after the
last day of the legislative session.