The board of regents may issue bonds, pledge system revenue funds for repayment, move funds within the system if needed, and use unused bond proceeds for renovations; one Prairie View A&M bond issue may not occur before March 1, 2003.
Sec. 55.1731. THE TEXAS A&M UNIVERSITY SYSTEM; ADDITIONAL BONDS. (a) In addition to the other authority granted by this subchapter, the board of regents of The Texas A&M 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) Prairie View A&M University: (A) $53 million to construct or renovate engineering facilities, construct and renovate an architecture building, and carry out other campus renovations; and (B) $15 million to construct a juvenile justice and psychology building; (2) Tarleton State University, $18.7 million for a library addition and renovation of a mathematics building; (3) Texas A&M University--Commerce, $14,960,000 to construct a science building; (4) Texas A&M University--Corpus Christi, $34 million to construct a classroom and laboratory facility and for construction of the Harte Research Center; (5) Texas A&M International University, $21,620,000 to construct a science building (Phase IV); (6) Texas A&M University at Galveston, $10,030,000 to construct an engineering building; (7) Texas A&M University--Kingsville, $20,060,000 to construct facilities for a pharmacy school and to construct a student services building; (8) Texas A&M University--Texarkana, $17 million to construct a health science building and for library renovation; (9) West Texas A&M University, $22,780,000 to construct a fine arts complex; and (10) The Texas A&M University Health Science Center, $14.3 million for construction of classroom and faculty office facilities for the School of Rural Public Health. (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. 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 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. (e) The bonds authorized by Subsection (a)(1)(B) for Prairie View A&M University may not be issued before March 1, 2003. Added by Acts 2001, 77th Leg., ch. 1432, Sec. 3, eff. Sept. 1, 2001. Amended by Acts 2003, 78th Leg., ch. 1310, Sec. 14, eff. June 20, 2003.