The board of regents may use bond financing to acquire and improve specified Texas State University System properties and facilities, may pledge revenue funds and related tuition charges for the bonds, and may transfer funds among system institutions if needed; pledged amounts cannot be reduced while the bonds remain outstanding.
Sec. 55.1724. TEXAS STATE UNIVERSITY SYSTEM. (a) In addition to the other authority granted by this subchapter, the board of regents of the Texas State 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: (1) Lamar University--Beaumont, $8 million; (2) Lamar Institute of Technology, $2 million; (3) Lamar State College--Orange, $3.5 million; (4) Lamar State College--Port Arthur, $2.75 million; (5) Sam Houston State University, $7.5 million; (6) Texas State University, $19.7 million; and (7) Sul Ross State University, $17.5 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 State 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 State 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 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. Added by Acts 1997, 75th Leg., ch. 748, Sec. 2, eff. Sept. 1, 1997. Amended by Acts 1999, 76th Leg., ch. 767, Sec. 4, eff. June 18, 1999; Acts 2003, 78th Leg., ch. 386, Sec. 5, eff. Sept. 1, 2003. Amended by: Acts 2007, 80th Leg., R.S., Ch. 179 (H.B. 3564), Sec. 8, eff. September 1, 2007. Acts 2013, 83rd Leg., R.S., Ch. 30 (S.B. 974), Sec. 7, eff. September 1, 2013.