Tex.
Educ. Code Section 55.1793
University of Houston System; Additional Bonds
(a)
In addition to the other authority granted by this subchapter, the board of regents of the University of Houston 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)
the University of Houston System, $59,897,111 for construction of a medical research facility;(2)
the University of Houston:(A)
$40 million for construction of the Hobby School of Public Affairs Building;(B)
$52,409,972 for construction of the IDEA Lab; and(C)
$52,409,972 for construction of the Sugar Land Academic Building 2;(3)
the University of Houston--Clear Lake, $44,922,833 for renovation of the Bayou Building, the Delta Building, and the Student Services and Classroom Building;(4)
the University of Houston--Downtown, $44,922,833 for renovation of existing buildings and other campus infrastructure upgrades and for the construction of the Police Department and Criminal Justice Academy Building; and(5)
the University of Houston--Victoria, $44,922,833 for renovation of existing buildings and other campus infrastructure upgrades.(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 University of Houston 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 Houston 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.
Source:
Section 55.1793 — University of Houston System; Additional Bonds, https://statutes.capitol.texas.gov/Docs/ED/htm/ED.55.htm#55.1793 (accessed May 4, 2024).
