87R6240 MM-D
By: Seliger S.B. No. 758
A BILL TO BE ENTITLED
AN ACT
relating to authorizing the issuance of revenue bonds to fund
capital projects at public institutions of higher education.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter B, Chapter 55, Education Code, is
amended by adding Section 55.1791 to read as follows:
Sec. 55.1791. SPECIFIC UNIVERSITY SYSTEMS AND
INSTITUTIONS; ADDITIONAL BONDS. (a) In addition to the other
authority granted by this subchapter, each of the following boards
of regents may acquire, purchase, construct, improve, renovate,
enlarge, or equip facilities, including roads and related
infrastructure, for one or more projects chosen by the board for
institutions or entities under the board's management and control:
(1) the board of regents of The Texas A&M University
System;
(2) the board of regents of The University of Texas
System;
(3) the board of regents of the University of Houston
System;
(4) the board of regents of the Texas State University
System;
(5) the board of regents of the University of North
Texas System;
(6) the board of regents of Texas Woman's University;
(7) the board of regents of Midwestern State
University;
(8) the board of regents of Stephen F. Austin State
University;
(9) the board of regents of the Texas Tech University
System; and
(10) the board of regents of Texas Southern
University.
(b) Each board may finance projects under Subsection (a)
through the issuance of bonds in accordance with this subchapter
and, if applicable, in accordance with a systemwide revenue
financing program adopted by the board, in an aggregate principal
amount not to exceed $50 million.
(c) Each board may pledge irrevocably to the payment of
bonds authorized by this section all or any part of the revenue
funds of the university system or institution, as applicable,
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.
SECTION 2. This Act does not affect any authority or
restriction regarding the activities that a public institution of
higher education may conduct in connection with a facility financed
by bonds authorized by this Act.
SECTION 3. This Act takes effect September 1, 2021.