87S30780 MM-D
By: Landgraf H.B. No. 158
A BILL TO BE ENTITLED
AN ACT
relating to authorizing the issuance of revenue bonds for capital
projects at The University of Texas of the Permian Basin.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter B, Chapter 55, Education Code, is
amended by adding Section 55.1792 to read as follows:
Sec. 55.1792. THE UNIVERSITY OF TEXAS OF THE PERMIAN BASIN;
ADDITIONAL BONDS. (a) In addition to the other authority granted
under this subchapter, the board of regents of The University of
Texas System may acquire, purchase, construct, improve, renovate,
enlarge, or equip property and facilities, including roads and
related infrastructure, for The University of Texas of the Permian
Basin for renovation of the Mesa Building and campus
transformation, to be financed by the issuance of bonds in
accordance with a systemwide revenue financing program and secured
as provided by that program, in an aggregate principal amount not to
exceed $70 million.
(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 University of
Texas 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 University
of Texas 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 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 on the 91st day after the
last day of the legislative session.