84R8523 AAF-F
By: Price H.B. No. 3251
A BILL TO BE ENTITLED
AN ACT
relating to authorizing the issuance of revenue bonds for a medical
education building for the Texas Tech University Health Sciences
Center.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter B, Chapter 55, Education Code, is
amended by adding Section 55.178912 to read as follows:
Sec. 55.178912. TEXAS TECH UNIVERSITY SYSTEM; ADDITIONAL
REVENUE BONDS. (a) In addition to the other authority granted
under this subchapter, the board of regents of the Texas Tech
University System may acquire, purchase, construct, improve,
renovate, enlarge, or equip property, buildings, structures,
facilities, roads, or related infrastructure for a medical
education building to support the Texas Tech University Health
Sciences Center's educational programs in the city of Amarillo, to
be financed by 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,
not to exceed $6,350,000.
(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 Tech
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 Tech
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 the Texas Tech University Health Sciences Center.
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.