| 1 | 1 | | 84R995 KSD-D |
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| 2 | 2 | | By: Clardy H.B. No. 602 |
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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 for a |
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| 8 | 8 | | Science, Technology, Engineering, and Mathematics Education and |
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| 9 | 9 | | Research Center at Stephen F. Austin State University. |
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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 55.1788 to read as follows: |
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| 13 | 13 | | Sec. 55.1788. STEPHEN F. AUSTIN STATE UNIVERSITY; |
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| 14 | 14 | | ADDITIONAL BONDS. (a) In addition to the other authority granted |
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| 15 | 15 | | under this subchapter, the board of regents of Stephen F. Austin |
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| 16 | 16 | | State University may acquire, purchase, construct, improve, |
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| 17 | 17 | | renovate, enlarge, or equip property, buildings, structures, |
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| 18 | 18 | | facilities, roads, or related infrastructure for a Science, |
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| 19 | 19 | | Technology, Engineering, and Mathematics Education and Research |
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| 20 | 20 | | Center at Stephen F. Austin State University, to be financed by the |
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| 21 | 21 | | issuance of bonds in accordance with this subchapter in an |
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| 22 | 22 | | aggregate principal amount not to exceed $58 million. |
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| 23 | 23 | | (b) The board may pledge irrevocably to the payment of the |
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| 24 | 24 | | bonds authorized by this section all or any part of the revenue |
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| 25 | 25 | | funds of Stephen F. Austin State University, including student |
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| 26 | 26 | | tuition charges. The amount of a pledge made under this subsection |
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| 27 | 27 | | may not be reduced or abrogated while the bonds for which the pledge |
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| 28 | 28 | | is made, or bonds issued to refund those bonds, are outstanding. |
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| 29 | 29 | | (c) Any portion of the proceeds of bonds authorized by this |
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| 30 | 30 | | section that is not required for the specified project for which the |
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| 31 | 31 | | bonds are authorized may be used to renovate existing structures |
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| 32 | 32 | | and facilities at the institution. |
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| 33 | 33 | | SECTION 2. This Act takes effect immediately if it receives |
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| 34 | 34 | | a vote of two-thirds of all the members elected to each house, as |
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| 35 | 35 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 36 | 36 | | Act does not receive the vote necessary for immediate effect, this |
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| 37 | 37 | | Act takes effect September 1, 2015. |
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