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.