tuition revenue bond

The University of Texas at Austin has received a $60 million gift from John and Miriam Mulva, one of the largest gifts in the school’s history. The donation will go toward two major building projects, including the school’s proposed Engineering Education and Research Center.

According to UT Austin President Bill Powers, $20 million will go toward the new Engineering Education and Research Center, while the other $40 million will go toward renovations of two buildings in the McCombs School of Business, pending project approval by the Board of Regents. The entire sum of money will be paid at a rate of three million over the next 20 years. 

UT President Powers says the gift is especially important for the Engineering Center, since it will help the university raise $105 million from private donors to pay for construction of the $310 million Engineering Center.

Veronica Zaragovia, KUT News

State Senator Kel Seliger re-filed a bill that would provide $2.7 billion dollars to public universities for infrastructure improvements.

But he's not confident that Gov. Rick Perry will add the bill to the agenda of the state's newest special session.

Photo by KUT News.

The last time the Texas Legislature approved construction expenses for public universities and community colleges was in 2006. This session, lawmakers are considering a tuition revenue bond bill that would approve billions for new buildings. 

University administrators told lawmakers they need millions of dollars for construction projects on their space-strapped campuses. They cited skyrocketing student enrollment numbers, aging buildings and new research projects as reasons to lay the bricks and mortar.