The Texas State University System board may issue bonds, pledge revenue funds, transfer funds in some cases, and use unused bond proceeds for renovations.
Sec. 55.1734. TEXAS STATE UNIVERSITY SYSTEM; ADDITIONAL BONDS. (a) In addition to the other authority granted by this subchapter, the board of regents of the Texas State University 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 to finance projects specified as follows: (1) Lamar University--Beaumont, $21,792,096 to renovate and repair campus buildings; (2) Lamar Institute of Technology, $5,301,960 to renovate Gentry Hall and convert it to classroom and laboratory use; (3) Lamar State College--Orange, $2,125,000 for campus landscaping, renovation of the old library for physical plant purposes, renovation of the Main Building and Electronics Commerce Resource Center, and demolition of the old physical plant building; (4) Lamar State College--Port Arthur, $7,650,000 to construct a performing arts and classroom building and to expand the Gates Memorial Library and develop an adjacent plaza; (5) Sam Houston State University, $18 million to renovate and expand the Farrington Building; (6) Texas State University, $18,436,500 to construct a business building; and (7) Sul Ross State University, $15,175,000 to renovate and expand the range animal science facility and science building annex and to carry out other building renovations. (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 University 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 University 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. Amended by Acts 2003, 78th Leg., ch. 386, Sec. 6, eff. Sept. 1, 2003. Amended by: Acts 2007, 80th Leg., R.S., Ch. 179 (H.B. 3564), Sec. 9, eff. September 1, 2007. Acts 2013, 83rd Leg., R.S., Ch. 30 (S.B. 974), Sec. 8, eff. September 1, 2013.