| TO: | Honorable Harvey Hilderbran, Chair, House Committee on Ways & Means |
| FROM: | John S O'Brien, Director, Legislative Budget Board |
| IN RE: | HJR141 by Pena (Proposing a constitutional amendment regarding the authorization of certain general obligation bonds or notes to provide financial assistance to counties for roadway projects to serve colonias.), As Introduced |
The cost to the state for publication of the resolution is $105,495.
The joint resolution proposes a constitutional amendment that would allow the legislature to authorize the governor to authorize the Texas Public Finance Authority to issue additional general obligation bonds in an aggregate not to exceed $60 million to provide financial assistance to counties for roadway projects to serve colonias.
The proposed constitutional amendment would be submitted to the voters at an election to be held November 8, 2011.
Article III, Section 49-j of the Texas Constitution limits the authorization of additional state debt if the percentage of debt service payable from the General Revenue Fund exceeds 5 percent of the average annual unrestricted General Revenue Fund revenues for the previous three fiscal years. As of the end of fiscal year 2010, the Bond Review Board estimates the constitutional debt limit for issued, and authorized but unissued debt, to be 4.10 percent. The Bond Review Board estimates that the additional authorization of $60 million in not self-supporting general obligation bond authority would increase the ratio for issued, and authorized but unissued debt by 0.02 percent.
| Source Agencies: | 304 Comptroller of Public Accounts, 347 Public Finance Authority, 352 Bond Review Board, 601 Department of Transportation
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| LBB Staff: | JOB, KK, MS, EP, JJO
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