Texas § ED.55.17893 - MIDWESTERN STATE UNIVERSITY

§ ED.55.17893. MIDWESTERN STATE UNIVERSITY

MIDWESTERN STATE UNIVERSITY. (a) In addition to the other authority granted by this subchapter, the board of regents of the Texas Tech University System may issue bonds in accordance with this subchapter and in accordance with a systemwide revenue financing program adopted by the board in the aggregate principal amounts not to exceed the amounts previously authorized for Midwestern State University by Sections 55.1727, 55.1737, 55.1757, and 55.1787, as those sections existed immediately before this section took effect, less any portion of those amounts for which bonds were issued under those sections for the university before the date this section took effect. Subject to Subsection (d), bonds issued under this section for an amount previously authorized by Section 55.1727, 55.1737, 55.1757, or 55.1787 may be used only at Midwestern State University for the purposes for which the bonds were authorized to be issued for the university under Section 55.1727, 55.1737, 55.1757, or 55.1787, as applicable. (b) The board of regents of the Texas Tech University System 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 Tech 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 of regents of the Texas Tech University System to meet its obligations under this section, the board may transfer funds among institutions, branches, and entities of the Texas Tech 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 that is not required for the specified projects may be used to renovate existing structures and facilities at the university. (e) The board of regents of the Texas Tech University System may issue refunding bonds under Chapter 1207 , Government Code, to refund all or any part of the outstanding bonds, notes, or other general or special obligations issued by or for the benefit of Midwestern State University, including obligations previously issued by the Texas Public Finance Authority. For purposes of Chapter 1207 , Government Code, and in connection with the issuance of any refunding bonds under that chapter, the board of regents of the Texas Tech University System shall be considered the issuer of the outstanding bonds, notes, or obligations of Midwestern State University which are being refunded. Added by Acts 2021, 87th Leg., R.S., Ch. 417 (H.B. 1522 ), Sec. 12, eff. September 1, 2021.