| TO: | Honorable Leticia Van de Putte, Chair, Senate Committee on Veteran Affairs & Military Installations |
| FROM: | John S. O'Brien, Director, Legislative Budget Board |
| IN RE: | HJR116 by Corte (Proposing a constitutional amendment authorizing the Veterans' Land Board to issue general obligation bonds in amounts equal to or less than amounts previously authorized.), As Engrossed |
The cost to the state for publication of the resolution is $90,882.
The resolution would allow the Veterans’ Land Board (VLB) to issue general obligation bonds for the purpose of selling land or home mortgages to veterans in an amount equal to or less than the aggregate principal amount of all previous constitutional authorizations. In addition, the resolution would ratify the practice of excluding the VLB land and mortgage general obligation bonds from the constitutional debt limit calculation.
The proposed constitutional amendment would be submitted to voters at an election to be held November 3, 2009.
Although backed by the full faith and credit of the state, VLB land and mortgage general obligation bonds are expected to be paid from other revenue sources (outside the state treasury) and have not in the past and are not expected to create a future draw on General Revenue. Therefore, the bill is not expected to have a significant fiscal impact to the state.
| Source Agencies: | 305 General Land Office and Veterans' Land Board, 352 Bond Review Board
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| LBB Staff: | JOB, KK, TL
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