| 1 | 1 | | 87S30780 MM-D |
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| 2 | 2 | | By: Landgraf H.B. No. 158 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to authorizing the issuance of revenue bonds for capital |
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| 8 | 8 | | projects at The University of Texas of the Permian Basin. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Subchapter B, Chapter 55, Education Code, is |
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| 11 | 11 | | amended by adding Section 55.1792 to read as follows: |
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| 12 | 12 | | Sec. 55.1792. THE UNIVERSITY OF TEXAS OF THE PERMIAN BASIN; |
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| 13 | 13 | | ADDITIONAL BONDS. (a) In addition to the other authority granted |
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| 14 | 14 | | under this subchapter, the board of regents of The University of |
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| 15 | 15 | | Texas System may acquire, purchase, construct, improve, renovate, |
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| 16 | 16 | | enlarge, or equip property and facilities, including roads and |
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| 17 | 17 | | related infrastructure, for The University of Texas of the Permian |
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| 18 | 18 | | Basin for renovation of the Mesa Building and campus |
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| 19 | 19 | | transformation, to be financed by the issuance of bonds in |
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| 20 | 20 | | accordance with a systemwide revenue financing program and secured |
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| 21 | 21 | | as provided by that program, in an aggregate principal amount not to |
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| 22 | 22 | | exceed $70 million. |
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| 23 | 23 | | (b) The board may pledge irrevocably to the payment of the |
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| 24 | 24 | | bonds authorized by this section all or any part of the revenue |
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| 25 | 25 | | funds of an institution, branch, or entity of The University of |
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| 26 | 26 | | Texas System, including student tuition charges. The amount of a |
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| 27 | 27 | | pledge made under this subsection may not be reduced or abrogated |
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| 28 | 28 | | while the bonds for which the pledge is made, or bonds issued to |
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| 29 | 29 | | refund those bonds, are outstanding. |
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| 30 | 30 | | (c) If sufficient funds are not available to the board to |
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| 31 | 31 | | meet its obligations under this section, the board may transfer |
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| 32 | 32 | | funds among institutions, branches, and entities of The University |
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| 33 | 33 | | of Texas System to ensure the most equitable and efficient |
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| 34 | 34 | | allocation of available resources for each institution, branch, or |
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| 35 | 35 | | entity to carry out its duties and purposes. |
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| 36 | 36 | | SECTION 2. This Act does not affect any authority or |
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| 37 | 37 | | restriction regarding the activities that a public institution of |
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| 38 | 38 | | higher education may conduct in connection with a facility financed |
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| 39 | 39 | | by bonds authorized by this Act. |
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| 40 | 40 | | SECTION 3. This Act takes effect on the 91st day after the |
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| 41 | 41 | | last day of the legislative session. |
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