DALLAS - Texas colleges and universities would get $2.86 billion of tuition revenue bonds for construction projects under a bill pre-filed for the 84th Texas Legislature that opens Jan. 13.
Senate Bill 150 by state Sen. Kel Seliger, R-Amarillo, would provide funding for more than 60 construction and renovation projects for the state's college and university systems.
"In a growing state with a priority for an educated workforce, the need for classroom, lab and other academic space is clear," said Seliger when he filed his bill.
Seliger's bill provides lawmakers the option of funding the projects from the state's rainy day fund, which the senator said has been predicted to have about $8.4 billion on the legislature's opening day.
However, voter-approved allocations from the rainy day fund for water and transportation projects statewide, would leave higher education third in line.
Lawmakers have not approved tuition revenue bonds since a special session in 2006 that allocated $2 billion for the program.
The University of Texas System is requesting the lion's share of the TRB's at $1.9 billion. All of the state's university systems, including Texas A&M, the University of Houston, Texas Tech University, the University of North Texas and others would receive TRBs under Seliger's bill.
In the 2013 session, a bill providing $2.5 billion of TRBs failed to win passage.
Still enjoying a robust economic recovery, Texas carries triple-A general obligation ratings from Moody's Investors Service, Standard & Poor's and Fitch Ratings.
