BILL ANALYSIS


                                                        H.J.R. 73
                                              By: Romo (Moncrief)
                                                          Finance
                                                         05-16-95
                              Senate Committee Report (Unamended)
BACKGROUND

There are two authorized but unissued bond issues that could be
removed from the state's bond authorization.  First, the National
Research Laboratory Commission has authorized but not issued debt
for the Superconducting Super Collider:  $250 million of general
obligation bonds and $250 million of revenue bonds.  There is no
need for this debt, given the decision by the U.S. Congress to end
the project's federal funding.  General revenue bonds can be
revoked by the Texas Legislature while general obligation bonds
must be revoked by the voters of Texas.

PURPOSE

As proposed, H.J.R. 73 requires the submission to the voters of a
proposed constitutional amendment reducing the amount of general
obligation bonds authorized for the issuance for undertakings
related to a superconducting super collider research facility.

RULEMAKING AUTHORITY

It is the committee's opinion that this bill does not grant any
additional rulemaking authority to a state officer, institution, or
agency.

SECTION BY SECTION ANALYSIS

SECTION 1. Amends Section 49-g(a), Article III, Texas Constitution,
adopted pursuant to H.J.R. 88, Acts of the 70th Legislature,
Regular Session, 1987, to authorize the legislature to authorize
(1) the appropriate agency to issue up to $250, rather than $500,
million in general obligation bonds and to use the proceeds of the
bonds (without further appropriation) to establish a
superconducting super collider fund to be used in any manner
appropriate to fund undertakings related to a superconducting super
collider research facility sponsored or authorized by the United
States government, and (2) the appropriate agency to grant land or
property, whether or not acquired from proceeds of the bonds, to
the United States government for undertakings related to a
superconducting super collider research facility.  

SECTION 2. Requires this proposed constitutional amendment to be
submitted to the voters at an election to be held November 7, 1995. 
Sets forth the required language for the ballot.