Texas § ED.55.1785 - UNIVERSITY OF NORTH TEXAS SYSTEM

§ ED.55.1785. UNIVERSITY OF NORTH TEXAS SYSTEM

UNIVERSITY OF NORTH TEXAS SYSTEM; ADDITIONAL BONDS. (a) In addition to the other authority granted by this subchapter, the board of regents of the University of North Texas 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 or entities, not to exceed the following aggregate principal amounts for the projects specified, as follows: (1) the University of North Texas System, $56 million for renovation of college of law buildings; (2) the University of North Texas, $70 million for construction and renovation of college of visual arts and design facilities; (3) the University of North Texas at Dallas, $63 million for construction of a student learning and success center; and (4) the University of North Texas Health Science Center at Fort Worth, $80 million for construction of an interdisciplinary research 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 University of North 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 North 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. Added by Acts 2015, 84th Leg., R.S., Ch. 917 (H.B. 100 ), Sec. 1, eff. September 1, 2015.