The board of regents may issue bonds, pledge revenue funds for repayment, and transfer funds within the Texas State Technical College System if needed; it also may not reduce or cancel a pledge while the related bonds are outstanding.
Sec. 55.17392. TEXAS STATE TECHNICAL COLLEGE SYSTEM. (a) The board of regents of the Texas State Technical College System may issue in accordance with this subchapter and in accordance with a systemwide revenue financing program adopted by the board bonds for the following institutions not to exceed the following aggregate principal amounts for projects specified as follows: (1) Texas State Technical College--Harlingen, $3.4 million to construct a facility for a learning resource center and distance learning center; (2) Texas State Technical College--Marshall, $1,785,000 to construct a facility for a library and administrative activities; (3) Texas State Technical College--Waco, $3.4 million to renovate the industrial technology center; and (4) Texas State Technical College--West Texas, $2,295,000 to construct a transportation technologies building. (b) The board may pledge irrevocably to the payment of those bonds all or any part of the revenue funds of an institution, branch, or entity of the Texas State Technical College 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 Texas State Technical College 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. (d) Any portion of the proceeds of bonds authorized by this section for one or more specified projects at an institution that is not required for the specified projects may be used to renovate existing structures and facilities at the institution. Added by Acts 2001, 77th Leg., ch. 1432, Sec. 3, eff. Sept. 1, 2001.