Texas Education Code

§ 53A.33 — LIMITED POWER TO ACQUIRE, OWN, AND OPERATE EDUCATIONAL AND HOUSING FACILITIES

ED § 53A.33Title 3. HIGHER EDUCATION · Part A. HIGHER EDUCATION IN GENERAL · Ch. 53A. HIGHER EDUCATION FACILITY AUTHORITIES FOR PRIVATE SCHOOLS · Art. C. POWERS AND DUTIES

Statute text

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(a)An authority or a nonprofit instrumentality created under Section 53A.35(b) may acquire, own, hold title to, lease, or operate an educational facility or housing facility or any facility incidental, subordinate, or related to or appropriate in connection with an educational facility or housing facility, but only if:

(1)the facility is or will be located within the corporate limits of the city that created the authority or nonprofit instrumentality;

(2)the governing body of an institution of higher education officially requests the authority or nonprofit instrumentality to acquire and own the facility for the benefit of the institution of higher education;

(3)the institution of higher education officially agrees to accept, and has authority to receive legal title to, the facility not later than the date on which any bonds or other obligations issued to acquire the facility are paid in full; and

(4)the ownership of the facility by the authority or the nonprofit instrumentality is approved by official action of the governing body of:

(A)the city that created the authority or nonprofit instrumentality;

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Legislative history

Added by Acts 2005, 79th Leg., Ch. 641 (H.B. 2701), Sec. 2, eff. September 1, 2005.