The Texas Senate has voted to authorize $2.4 billion in capital funding, known as tuition revenue bonds, in a bill that would still put dozens of construction projects within reach of universities across the state — if the institutions pitch in some money.
The bill includes about $114 million in bond financing schools in San Antonio.
Senators on Tuesday approved Senate Bill 16 and sent it to the Texas House.
University systems issue the bonds and pledge revenues — including tuition — to pay the debt. In practice, the state reimburses bond payments from general revenue but lawmakers have been reluctant to authorize tuition revenue bonds since 2006.