TITLE: Relating to authorizing the issuance of revenue bonds for a library at Texas Southern University.

SUMMARY: Relating to authorizing the issuance of revenue bonds for a library at Texas Southern University.

FULL TEXT:
AN ACT relating to authorizing the issuance of revenue bonds for a library at Texas Southern University. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Subchapter B, Chapter 55, Education Code, is amended by adding Section 55.17891 to read as follows: Sec. 55.17891. TEXAS SOUTHERN UNIVERSITY; ADDITIONAL BONDS. (a) In addition to the other authority granted under this subchapter, the board of regents of Texas Southern University may acquire, purchase, construct, improve, renovate, enlarge, or equip property, buildings, structures, facilities, roads, or related infrastructure for a library at Texas Southern University, to be financed by the issuance of bonds in accordance with this subchapter in an aggregate principal amount not to exceed $85 million. (b) The board may pledge irrevocably to the payment of the bonds authorized by Subsection (a) all or any part of the revenue funds of Texas Southern University, 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 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.