The board of regents may fund and carry out Hurricane Ike recovery work for UT Medical Branch at Galveston, including property and infrastructure projects, using bonds up to $150 million.
Sec. 55.17721. THE UNIVERSITY OF TEXAS MEDICAL BRANCH AT GALVESTON. (a) In addition to the other authority granted by this subchapter and subject to the other provisions of this section, the board of regents of The University of Texas System may acquire, purchase, construct, improve, renovate, enlarge, or equip property, buildings, structures, facilities, roads, or related infrastructure for The University of Texas Medical Branch at Galveston for any purpose reasonably necessary to assist the institution to recover from any damage or other impact caused by Hurricane Ike, to be financed by the issuance of bonds in accordance with this subchapter, including bonds issued in accordance with a systemwide revenue financing program and secured as provided by that program, in an aggregate principal amount not to exceed $150 million. (b) The board may pledge irrevocably to the payment of the bonds authorized by this section all or any part of the revenue funds of an institution, branch, or entity of The University of Texas 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 University of Texas 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 (d) Repealed by Acts 2015, 84th Leg., R.S., Ch. 917 , Sec. 2, eff. September 1, 2015. (e) Repealed by Acts 2015, 84th Leg., R.S., Ch. 917 , Sec. 2, eff. September 1, 2015. Added by Acts 2009, 81st Leg., R.S., Ch. 287 (H.B. 51), Sec. 2, eff. September 1, 2009. Amended by: Acts 2015, 84th Leg., R.S., Ch. 917 (H.B. 100), Sec. 2, eff. September 1, 2015.