The Texas A&M University System board of regents may finance and carry out listed capital projects for specified institutions, subject to stated bond limits and a restricted use of certain bond proceeds.
Sec. 55.1721. THE TEXAS A&M UNIVERSITY SYSTEM. (a) In addition to the other authority granted by this subchapter, the board of regents of The Texas A&M University System may acquire, purchase, construct, improve, renovate, enlarge, or equip property, buildings, structures, facilities, roads, or related infrastructure for the following institutions to be financed by the issuance of bonds in accordance with this subchapter and in accordance with a systemwide revenue financing program adopted by the board in aggregate principal amounts not to exceed the following amounts: (1) Prairie View A&M University, $15 million; (2) Tarleton State University, $15 million; (3) Texas A&M University, $12.5 million; (4) Texas A&M University Health Science Center, $6 million; (5) Texas A&M University--Commerce, $4.2 million; (6) Texas A&M University--Corpus Christi, $25 million; (7) Texas A&M International University, $39.5 million; (8) Texas A&M University--Kingsville, $15 million; (9) Texas A&M University--Texarkana, $4 million; and (10) West Texas A&M University, $9 million. (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 A&M University System, including student tuition charges required or authorized by law to be imposed on students enrolled at an institution, branch, or entity of The Texas A&M University System. 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 A&M University System to ensure the most equitable and efficient allocation of available resources for each institution, branch, or entity to carry out its constitutional and statutory duties and purposes. (d) Of the proceeds of bonds authorized by this section for Texas A&M International University, $4.5 million may be used only to purchase library books, journals, and other library materials, equipment, and furniture for the university's library. Added by Acts 1997, 75th Leg., ch. 748, Sec. 2, eff. Sept. 1, 1997.