By: Creighton S.B. No. 1701
A BILL TO BE ENTITLED
AN ACT
relating to certain bonds issued by public institutions of higher
education in this state to acquire, purchase, construct, improve,
renovate, enlarge, or equip the property, buildings, structures, or
facilities of or the related infrastructure for those institutions.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter B, Chapter 55, Education Code, is
amended by adding Section 55.111 to read as follows:
Sec. 55.111. DESIGNATION OF BONDS. For purposes of the
appropriation of general revenue to institutions of higher
education under the General Appropriations Act or other Act of the
legislature making an appropriation, bonds issued by a governing
board for purposes described by Section 55.13(a) and secured with
revenue funds in accordance with this subchapter may be designated
as "Capital Improvement Bonds."
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, 2021.