84R7660 AAF-D
By: Bell H.B. No. 1408
A BILL TO BE ENTITLED
AN ACT
relating to authorizing the issuance of revenue bonds for capital
projects at Prairie View A&M University.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter B, Chapter 55, Education Code, is
amended by adding Section 55.1781 to read as follows:
Sec. 55.1781. PRAIRIE VIEW A&M UNIVERSITY; ADDITIONAL
BONDS. (a) In addition to the other authority granted under this
subchapter, the board of regents of The Texas A&M University System
may acquire, purchase, construct, improve, renovate, enlarge, or
equip property and facilities, including roads and related
infrastructure, for Prairie View A&M University for the following
projects to be financed by the issuance of bonds in accordance with
a systemwide revenue financing program and secured as provided by
that program, in aggregate principal amounts not to exceed:
(1) $30,790,000 for a fabrication center and capital
improvements; and
(2) $10 million for the Innovation Commercialization
Center for Entrepreneurs facility.
(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 A&M
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 A&M
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 at Prairie View A&M University.
SECTION 2. 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, 2015.