84R7988 JSL-F
By: Lozano H.B. No. 1467
A BILL TO BE ENTITLED
AN ACT
relating to authorizing the issuance of revenue bonds for a
classroom building at Texas A&M University--Kingsville.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter B, Chapter 55, Education Code, is
amended by adding Section 55.17813 to read as follows:
Sec. 55.17813. TEXAS A&M UNIVERSITY--KINGSVILLE;
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 a science, technology,
engineering, and mathematics classroom building at Texas A&M
University--Kingsville to be financed by the issuance of bonds in
accordance with a systemwide revenue financing program and secured
as provided by that program, in an aggregate principal amount not to
exceed $93 million.
(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.
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 September 1, 2015.