SB429 - University Authority Act of 2015

• Authorizes universities operating schools of medicine to create public corporations called "authorities" to own and operate health care facilities and engage in health care delivery, including forming partnerships with other health care providers.

• Authorities are exempt from state taxation, competitive bidding laws, ethics regulations, and public meeting requirements; their indebtedness is exempt from state taxation and classified as legal investments for fiduciaries.

• Grants authorities eminent domain power, ability to issue bonds and incur debt, and power to enter into collaborative arrangements with public and private entities despite potential antitrust concerns.

• Provides antitrust immunity to authorities and university affiliates when exercising powers under this act, declaring them agencies of the university and political subdivisions of the state.

• Requires annual audits submitted to sponsoring university; allows dissolution only when no outstanding indebtedness exists, with all assets reverting to the sponsoring university upon dissolution.