By: Morales of Maverick H.B. No. 1000
A BILL TO BE ENTITLED
AN ACT
relating to authorizing the issuance of revenue bonds to fund
capital projects at Sul Ross State University and Sul Ross State
University Rio Grande College.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter B, Chapter 55, Education Code, is
amended by adding Section 55.1794 to read as follows:
Sec. 55.1794. TEXAS STATE UNIVERSITY SYSTEM; ADDITIONAL
BONDS. (a) In addition to the other authority granted by this
subchapter, the board of regents of the Texas State University
System may acquire, purchase, construct, improve, renovate,
enlarge, or equip property and facilities, including roads and
related infrastructure, for projects 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 for the following institutions, not to exceed the
following aggregate principal amounts for the projects specified,
as follows:
(1) Sul Ross State University, $35 million for
expansion of a fine arts facility; and
(2) Sul Ross State University Rio Grande College, $44
million for construction of a multipurpose education and services
building.
(b) The board may pledge irrevocably to the payment of bonds
authorized by this section all or any part of the revenue funds of
an institution, branch, or entity of the Texas State 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 State
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.
SECTION 2. This Act takes effect September 1, 2021.