| 1 | 1 | | 84R6865 JSL-D |
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| 2 | 2 | | By: Howard H.B. No. 1904 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to authorizing the issuance of revenue bonds to fund the |
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| 8 | 8 | | renovation of Robert A. Welch Hall at The University of Texas at |
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| 9 | 9 | | Austin. |
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| 10 | 10 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 11 | 11 | | SECTION 1. Subchapter B, Chapter 55, Education Code, is |
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| 12 | 12 | | amended by adding Section 55.17825 to read as follows: |
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| 13 | 13 | | Sec. 55.17825. THE UNIVERSITY OF TEXAS SYSTEM; ADDITIONAL |
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| 14 | 14 | | BONDS. (a) In addition to the other authority granted by this |
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| 15 | 15 | | subchapter, the board of regents of The University of Texas System |
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| 16 | 16 | | may acquire, purchase, construct, improve, renovate, enlarge, or |
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| 17 | 17 | | equip property and facilities, including roads and related |
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| 18 | 18 | | infrastructure, for the renovation of Robert A. Welch Hall at The |
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| 19 | 19 | | University of Texas at Austin to be financed through the issuance of |
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| 20 | 20 | | bonds in accordance with this subchapter, including bonds issued in |
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| 21 | 21 | | accordance with a systemwide revenue financing program and secured |
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| 22 | 22 | | as provided by that program, in an aggregate principal amount not to |
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| 23 | 23 | | exceed $67,500,000. |
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| 24 | 24 | | (b) The board may pledge irrevocably to the payment of bonds |
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| 25 | 25 | | authorized by this section all or any part of the revenue funds of |
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| 26 | 26 | | an institution, branch, or entity of The University of Texas |
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| 27 | 27 | | System, including student tuition charges. The amount of a pledge |
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| 28 | 28 | | made under this subsection may not be reduced or abrogated while the |
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| 29 | 29 | | bonds for which the pledge is made, or bonds issued to refund those |
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| 30 | 30 | | bonds, are outstanding. |
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| 31 | 31 | | (c) If sufficient funds are not available to the board to |
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| 32 | 32 | | meet its obligations under this section, the board may transfer |
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| 33 | 33 | | funds among institutions, branches, and entities of The University |
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| 34 | 34 | | of Texas System to ensure the most equitable and efficient |
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| 35 | 35 | | allocation of available resources for each institution, branch, or |
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| 36 | 36 | | entity to carry out its duties and purposes. |
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| 37 | 37 | | (d) Any portion of the proceeds of bonds authorized by this |
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| 38 | 38 | | section that is not required for the specific project for which the |
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| 39 | 39 | | bonds are authorized may be used to renovate existing structures |
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| 40 | 40 | | and facilities at The University of Texas at Austin. |
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| 41 | 41 | | SECTION 2. This Act takes effect immediately if it receives |
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| 42 | 42 | | a vote of two-thirds of all the members elected to each house, as |
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| 43 | 43 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 44 | 44 | | Act does not receive the vote necessary for immediate effect, this |
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| 45 | 45 | | Act takes effect September 1, 2015. |
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