STEPHEN F. AUSTIN STATE UNIVERSITY; ADDITIONAL BONDS

(a) In addition to the other authority granted by this subchapter, the board of regents of Stephen F. Austin State University may acquire, purchase, construct, improve, renovate, enlarge, or equip property and facilities, including roads and related infrastructure, for construction of an interdisciplinary and applied sciences building, to be financed through the issuance of bonds in accordance with this subchapter, not to exceed the aggregate principal amount of $44,922,833. (b) The board may pledge irrevocably to the payment of bonds authorized by this section all or any part of the revenue funds of Stephen F. Austin State University, 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) In lieu of financing a project described by Subsection (a) for Stephen F. Austin State University, the board may finance in the manner prescribed by that subsection an alternative project for deferred maintenance, infrastructure, or construction at the university in an amount not to exceed the total of the amount authorized for the project and any unspent amount from projects authorized for the university under this chapter. The board shall notify the Texas Higher Education Coordinating Board of an alternative project financed as provided by this subsection. (d) For financing of an alternative project as provided by Subsection (c) in an amount that exceeds $25 million, the board must receive prior written approval from the governor and Legislative Budget Board. A request for approval of financing of an alternative project is considered approved unless the governor or the Legislative Budget Board issues a written disapproval not later than the 30th business day after the date of the receipt of the request.