If the corporation agrees to exercise such powers, the directors of such corporation shall thereafter be appointed by and be subject to removal by the governing body of the home-rule city or cities, and except as herein provided, Sections 53.14, 53.15, 53.31, 53.32, 53.38, and 53.41 through 53.43 of the Texas Education Code shall apply to and govern such corporation, its procedures, and bonds. Such bonds shall be payable from and secured by a pledge of revenues derived from or by reason of the ownership of student loan notes and investment income after deduction of such expenses or operating the loan program as may be specified by the bond resolution or trust indenture. For example, the Higher Education Authority organized under chapter 53 may acquire educational facilities. Certain other provisions of the chapter are related to this power. There was no reference to the power to acquire educational facilities.
Various provisions appear to subserve the power to acquire educational facilities.
These are not, in our opinion, made applicable to nonprofit corporations by section 53.47. For example, Higher Education Authorities lack the power to tax and the power of eminent domain. Code ss 53.31, .32. A Higher Education Authority may issue revenue bonds secured by the revenue from its facilities, and may operate its facilities on certain terms. Code ss 53.33, .44.