84R3942 KSD-F
By: Faircloth H.B. No. 1689
A BILL TO BE ENTITLED
AN ACT
relating to authorizing the issuance of revenue bonds to fund an
interprofessional health education center at The University of
Texas Medical Branch at Galveston.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter B, Chapter 55, Education Code, is
amended by adding Section 55.17822 to read as follows:
Sec. 55.17822. THE UNIVERSITY OF TEXAS SYSTEM; ADDITIONAL
BONDS. (a) In addition to the other authority granted by this
subchapter, the board of regents of The University of Texas System
may acquire, purchase, construct, improve, renovate, enlarge, or
equip facilities, including roads and related infrastructure, for
an interprofessional health education center at The University of
Texas Medical Branch at Galveston 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 $67.8 million.
(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 Texas
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 Texas 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 Texas Medical Branch at
Galveston.
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.