TITLE: Relating to the establishment of the University of Houston-Katy campus and authorization for the issuance of revenue bonds to fund an academic building at the campus.

SUMMARY: Relating to the establishment of the University of Houston-Katy campus and authorization for the issuance of revenue bonds to fund an academic building at the campus.

FULL TEXT:
AN ACT relating to the establishment of the University of Houston-Katy campus and authorization for the issuance of revenue bonds to fund an academic building at the campus. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Chapter 111, Education Code, is amended by adding Subchapter Jto read as follows: SUBCHAPTER J. THE UNIVERSITY OF HOUSTON-KATY Sec. 111.131. UNIVERSITY OF HOUSTON-KATY. There is established in Harris County a coeducational institution of higher education to be known as the University of Houston-Katy. The institution shall be located on land currently owned by the University of Houston System, land purchased by the University of Houston System, or land acquired by the University of Houston System by donation. Sec. 111.132. ORGANIZATION AND CONTROL. The organization and control of the University of Houston-Katy are vested in the board of regents of the University of Houston System. The board of regents has all rights, powers, and duties with respect to the University of Houston-Katy that it has with respect to the organization and control of the University of Houston, except as otherwise provided by this subchapter. Sec. 111.133. ROLE AND SCOPE. The University of Houston-Katy shall offer undergraduate and graduate programs. Sec. 111.134. GIFTS AND GRANTS. The board of regents of the University of Houston System may accept and administer gifts and grants for the use and benefit of the University of Houston-Katy. SECTION 2. Subchapter B, Chapter 55, Education Code, is amended by adding Section 55.178312 to read as follows: Sec. 55.178312. UNIVERSITY OF HOUSTON SYSTEM; ADDITIONAL BONDS. (a) In addition to the other authority granted by this subchapter, the board of regents of the University of Houston System may acquire, purchase, construct, improve, renovate, enlarge, or equip property and facilities, including roads and related infrastructure, for an academic building located in Harris County in or near Katy, Texas, to be financed through the issuance of bonds in accordance with this subchapter, including bonds issued in accordance with a systemwide revenue financing program and secured as provided by that program, in an aggregate principal amount not to exceed $58,540,000. (b) The board may pledge irrevocably to the payment of bonds authorized by this section all or any part of the revenue funds of an institution, branch, or entity of the University of Houston 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 Houston 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 3. The board of regents of the University of Houston System, as soon as practicable following the effective date of this Act consistent with available resources and any required approval by the Texas Higher Education Coordinating Board, shall establish the University of Houston-Katy in accordance with this Act. SECTION 4. 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.