88R8130 MM-D
By: Blanco S.B. No. 847
A BILL TO BE ENTITLED
AN ACT
relating to authorizing the issuance of revenue bonds for certain
capital projects at The University of Texas at El Paso.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter B, Chapter 55, Education Code, is
amended by adding Section 55.17992 to read as follows:
Sec. 55.17992. THE UNIVERSITY OF TEXAS AT EL PASO;
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 projects at The University of Texas at
El Paso, 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 amount not to exceed the following aggregate
principal amounts for the projects specified, as follows:
(1) $100 million for renovation, repair, and
completion of existing academic buildings; and
(2) $65 million for construction of a student success
building.
(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 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, 2023.