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Texas Education Code - Chapter 53A Higher Education Facility Authorities For Private SchoolsLegal Research Home > Texas Lawyer > Education Code > Texas Education Code - Chapter 53A Higher Education Facility Authorities For Private Schools This chapter may be cited as the Higher Education Facility Authority for Private Schools Act. Added by Acts 2005, 79th Leg., ch. 641, § 2, ... In this chapter: (1) "City" means an incorporated city or town in this state. (2) "Governing body" means the council, commission, or other governing body ... When the governing body of a city finds that it is to the best interest of the city and its inhabitants to create a higher ... The authority comprises only the territory included within the boundaries of the city or cities creating it. Added by Acts 2005, 79th Leg., ch. 641, ... An authority is a body politic and corporate having the power of perpetual succession. It shall have a seal; it may sue and be sued; ... A private person may not share in any of an authority's earnings. Added by Acts 2005, 79th Leg., ch. 641, § 2, eff. Sept. 1, ... (a) The authority shall be governed by a board of directors consisting of not less than 7 nor more than 11 members to be determined ... (a) The board shall elect from among its members a president and vice president, and shall elect a secretary and a treasurer who may or ... An authority has no power to tax. Added by Acts 2005, 79th Leg., ch. 641, § 2, eff. Sept. 1, 2005. ... The authority does not have the power of eminent domain. Added by Acts 2005, 79th Leg., ch. 641, § 2, eff. Sept. 1, 2005. ... (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 ... The authority may refinance any educational or housing facility acquired, constructed, or improved. Added by Acts 2005, 79th Leg., ch. 641, § 2, eff. Sept. ... (a) An authority or a nonprofit instrumentality created under Section 53A.35(b), including an authority or nonprofit instrumentality authorized to own facilities under Section 53A.33(a), may ... (a) The bonds shall be authorized by resolution adopted by a majority vote of a quorum of the board. Bonds authorized under this section shall ... (a) Before authorizing the issuance of bonds, other than refunding bonds, the board shall cause a notice to be issued stating that it intends to ... Bonds constituting a junior lien on the net revenue or properties may be issued unless prohibited by the bond resolution or trust indenture. Parity bonds ... Money for the payment of not more than two years' interest on the bonds and an amount estimated by the board to be required for ... Bonds may be issued for the purpose of refunding outstanding bonds in the manner provided in this chapter for other bonds, and may be exchanged ... Bonds issued under this chapter and the record relating to their issuance shall be submitted to the attorney general, and if he finds that they ... All bonds issued under this chapter are legal and authorized investments for all banks, savings banks, trust companies, building and loan associations, savings and loan ... To the extent it is applicable, the law as to the security for and the investment of funds, applicable to cities, controls the investment of ... The authority may select a depository or depositories according to the procedures provided by law for the selection of city depositories, or it may award ... (a) The facilities may be operated by the authority without the intervention of private profit for the use and benefit of the public, or may ... The authority may borrow money and accept grants from, and enter into contracts, leases, or other transactions with the United States, the State of Texas, ... Because the property owned by authority will be held for educational purposes only and will be devoted exclusively to the use and benefit of the ... In the same manner that a corporation may issue and execute bonds or other obligations under this chapter for an institution of higher education, a ... (a) In the same manner that a corporation may issue bonds under this chapter for an institution of higher education, a corporation created under Section ... Last modified: August 10, 2007 |