84R2746 KSD-D
By: RodrÃguez S.B. No. 162
A BILL TO BE ENTITLED
AN ACT
relating to authorizing the issuance of revenue bonds to fund
capital projects at the Texas Tech University Health Sciences
Center at El Paso.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter B, Chapter 55, Education Code, is
amended by adding Section 55.1789 to read as follows:
Sec. 55.1789. TEXAS TECH UNIVERSITY SYSTEM; ADDITIONAL
BONDS. (a) In addition to the other authority granted by this
subchapter, the board of regents of the Texas Tech University
System may acquire, purchase, construct, improve, renovate,
enlarge, or equip facilities, including roads and related
infrastructure, for projects at the Texas Tech University Health
Sciences Center at El Paso, to be financed through the issuance of
bonds in accordance with this subchapter and in accordance with a
systemwide revenue financing program adopted by the board, not to
exceed the following aggregate principal amounts for the projects
specified as follows:
(1) $84,960,000 for the El Paso Medical Science
Building II; and
(2) $30,960,000 for the El Paso Clinical Sciences
Building.
(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
at El Paso.
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.