The Texas Tech University System board may finance listed projects with bonds and related revenue pledges, but must notify the Texas Higher Education Coordinating Board about alternative projects and get prior written approval for alternative projects over $25 million.
Sec. 55.1798. TEXAS TECH UNIVERSITY SYSTEM; ADDITIONAL BONDS. (a) In addition to the other authority granted by this subchapter, the board of regents of the Texas Tech University System may acquire, purchase, construct, improve, renovate, enlarge, or equip property and facilities, including roads and related infrastructure, for projects to be financed through the issuance of bonds in accordance with this subchapter and in accordance with a systemwide revenue financing program adopted by the board for the following institutions, not to exceed the following aggregate principal amounts for the projects specified, as follows: (1) Angelo State University, $36 million for a central plant maintenance and renovation; (2) Texas Tech University: (A) $72 million for renovations to address deferred maintenance for campus buildings; and (B) $8 million for maintenance and program enhancement construction in Junction, Texas; (3) Midwestern State University, $44,922,833 for renovations to an existing building and other campus infrastructure upgrades; (4) Texas Tech University Health Sciences Center: (A) $59,897,111 for maintenance and renovation of an existing facility; and (B) $18,717,847 for construction and equipment of the physician assistant facility in Midland, Texas; and (5) Texas Tech University Health Sciences Center at El Paso, $59,897,111 for construction of a dental school building. (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 Texas Tech 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 Tech 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) In lieu of financing a project described by Subsection (a) for an institution of higher education, entity, or university system, the board may finance in the manner prescribed by that subsection an alternative project for deferred maintenance, infrastructure, or construction at the same institution, entity, or system in an amount not to exceed the total of the amount authorized for the project and any unspent amount from projects authorized for the institution, entity, or system under this chapter. The board shall notify the Texas Higher Education Coordinating Board of an alternative project financed as provided by this subsection. (e) For financing of an alternative project as provided by Subsection (d) in an amount that exceeds $25 million, the board must receive prior written approval from the governor and Legislative Budget Board. A request for approval of financing of an alternative project is considered approved unless the governor or the Legislative Budget Board issues a written disapproval not later than the 30th business day after the date of the receipt of the request. Added by Acts 2021, 87th Leg., 3rd C.S., Ch. 9 (S.B. 52), Sec. 2, eff. January 18, 2022.