UNIVERSITY OF HOUSTON SYSTEM; ADDITIONAL BONDS.

(a) In addition to the other authority granted by this subchapter, the board of regents of the University of Houston System may acquire, purchase, construct, improve, renovate, enlarge, or equip property and facilities, including roads and related infrastructure, for projects to be financed through the issuance of bonds in accordance with this subchapter and in accordance with a systemwide revenue financing program adopted by the board for the following institutions or entities, not to exceed the following aggregate principal amounts for the projects specified, as follows:

(1) the University of Houston:

(A) $63 million for construction of a health and biomedical sciences center; and

(B) $54 million for construction of a new academic building located in Sugar Land, Texas;

(2) the University of Houston--Clear Lake:

(A) $24,624,000 for construction of a health sciences and classroom building located in Pearland, Texas; and

(B) $54 million for construction of a STEM and classroom building;

(3) the University of Houston--Downtown, $60 million for construction of a science and technology building; and

(4) the University of Houston System, $46,832,000 for land acquisition for construction of a building in the area near Katy, Texas.

(b) The board may pledge irrevocably to the payment of bonds authorized by this section all or any part of the revenue funds of an institution, branch, or entity of the University of Houston System, 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) If sufficient funds are not available to the board to meet its obligations under this section, the board may transfer funds among institutions, branches, and entities of the University of Houston 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.