84R9212 AAF-D
By: Thompson of Brazoria H.B. No. 1487
A BILL TO BE ENTITLED
AN ACT
relating to authorizing the issuance of revenue bonds to fund a
health sciences and classroom building at the Pearland campus of
the University of Houston--Clear Lake.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter B, Chapter 55, Education Code, is
amended by adding Section 55.17834 to read as follows:
Sec. 55.17834. 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 property and facilities, including roads and
related infrastructure, for a health sciences and classroom
building located at the University of Houston--Clear Lake in
Pearland, Texas, to be financed through the issuance of bonds in
accordance with this subchapter, including bonds issued in
accordance with a systemwide revenue financing program and secured
as provided by that program, in an aggregate principal amount not to
exceed $34,200,000.
(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.
(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 the University of Houston.
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.