| 1 | 1 | | 84R2508 JSL-D |
|---|
| 2 | 2 | | By: Phelan H.B. No. 784 |
|---|
| 3 | 3 | | |
|---|
| 4 | 4 | | |
|---|
| 5 | 5 | | A BILL TO BE ENTITLED |
|---|
| 6 | 6 | | AN ACT |
|---|
| 7 | 7 | | relating to authorizing the issuance of revenue bonds for a |
|---|
| 8 | 8 | | multipurpose education building at Lamar State College--Orange. |
|---|
| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|---|
| 10 | 10 | | SECTION 1. Subchapter B, Chapter 55, Education Code, is |
|---|
| 11 | 11 | | amended by adding Section 55.1784 to read as follows: |
|---|
| 12 | 12 | | Sec. 55.1784. TEXAS STATE UNIVERSITY SYSTEM; ADDITIONAL |
|---|
| 13 | 13 | | BONDS. (a) In addition to the other authority granted by this |
|---|
| 14 | 14 | | subchapter, the board of regents of the Texas State University |
|---|
| 15 | 15 | | System may acquire, purchase, construct, improve, renovate, |
|---|
| 16 | 16 | | enlarge, or equip property and facilities, including roads and |
|---|
| 17 | 17 | | related infrastructure, for a multipurpose education building at |
|---|
| 18 | 18 | | Lamar State College--Orange, to be financed through the issuance of |
|---|
| 19 | 19 | | bonds in accordance with this subchapter and in accordance with a |
|---|
| 20 | 20 | | systemwide revenue financing program adopted by the board, in an |
|---|
| 21 | 21 | | aggregate principal amount not to exceed $12.5 million. |
|---|
| 22 | 22 | | (b) The board may pledge irrevocably to the payment of bonds |
|---|
| 23 | 23 | | authorized by this section all or any part of the revenue funds of |
|---|
| 24 | 24 | | an institution, branch, or entity of the Texas State University |
|---|
| 25 | 25 | | System, including student tuition charges. The amount of a pledge |
|---|
| 26 | 26 | | made under this subsection may not be reduced or abrogated while the |
|---|
| 27 | 27 | | bonds for which the pledge is made, or bonds issued to refund those |
|---|
| 28 | 28 | | bonds, are outstanding. |
|---|
| 29 | 29 | | (c) If sufficient funds are not available to the board to |
|---|
| 30 | 30 | | meet its obligations under this section, the board may transfer |
|---|
| 31 | 31 | | funds among institutions, branches, and entities of the Texas State |
|---|
| 32 | 32 | | University System to ensure the most equitable and efficient |
|---|
| 33 | 33 | | allocation of available resources for each institution, branch, or |
|---|
| 34 | 34 | | entity to carry out its duties and purposes. |
|---|
| 35 | 35 | | SECTION 2. This Act does not affect any authority or |
|---|
| 36 | 36 | | restriction regarding the activities that a public institution of |
|---|
| 37 | 37 | | higher education may conduct in connection with a facility financed |
|---|
| 38 | 38 | | by bonds authorized by this Act. |
|---|
| 39 | 39 | | SECTION 3. This Act takes effect immediately if it receives |
|---|
| 40 | 40 | | a vote of two-thirds of all the members elected to each house, as |
|---|
| 41 | 41 | | provided by Section 39, Article III, Texas Constitution. If this |
|---|
| 42 | 42 | | Act does not receive the vote necessary for immediate effect, this |
|---|
| 43 | 43 | | Act takes effect September 1, 2015. |
|---|