LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE 74th Regular Session March 6, 1995 TO: Honorable Kenny Marchant, Chair IN RE: House Joint Committee on Financial Institutions Resolution House of Representatives No. 73 Austin, Texas By: Romo FROM: John Keel, Director In response to your request for a Fiscal Note on House Joint Resolution No. 73 (proposing a constitutional amendment reducing the amount of general obligation bonds authorized for the issuance for undertakings related to a superconducting super collider research facility) this office has determined the following: The resolution would propose a constitutional amendment reducing the amount of general obligation bonds authorized for the Superconducting Super Collider (SSC) research facility. There are authorized but unissued general obligation bonds for the SSC of $250 million. The resolution would implement the Comptroller of Public Accounts Gaining Ground recommendation GG19 which would revoke the authorization of certain state debt. There would be no direct savings to the state as a result of this amendment. Lowering the state's bond authorization could eventually lead to an increase in the state's bond rating and thereby lower borrowing costs in the future. As a result, the fiscal implication to the state cannot be determined. The cost to the state for publication of the resolution is $90,000. No fiscal implication to units of local government is anticipated. Source: Comptroller of Public Accounts, Texas Public Finance Authority, Bond Review Board LBB Staff: JK, LP, RR