BILL ANALYSIS

Senate Research Center	H.J.R. 12
86R1188 JG-F	By: Zerwas et al. (Nelson) | (Watson)
	Finance
	5/3/2019
	Engrossed

AUTHOR'S / SPONSOR'S STATEMENT OF INTENT

Since its passage in 2007, the Cancer Prevention and Research Institute of Texas (CPRIT) has seen incredible results. Not only has the investment yielded life-saving results, but it has also led to economic benefits that far outpace its cost, with the annual expenditures adding $719.8 million to Texas' gross product, $499 million to personal income, $189 million in retail sales, and an additional $780 million in outside investment toward CPRIT research projects.

To ensure this continues, H.J.R. 12 proposes a constitutional amendment authorizing the legislature to increase the maximum general obligation bond amount, from $3 billion to $6 billion, to be issued by the Texas Public Finance Authority. CPRIT estimates that this original $3 billion will be committed fully for grant awards by August 31, 2021.  Bond proceeds can only be used by CPRIT if appropriated to it by the Legislature in the General Appropriations Act.

H.J.R. 12 proposes a constitutional amendment authorizing the legislature to increase the maximum bond amount authorized for the Cancer Prevention and Research Institute of Texas.

RULEMAKING AUTHORITY

This bill does not expressly grant any additional rulemaking authority to a state officer, institution, or agency.

SECTION BY SECTION ANALYSIS

SECTION 1. Amends Section 67(c), Article III, Texas Constitution, to authorize the legislature by general law to authorize the Texas Public Finance Authority to provide for, issue, and sell general obligation bonds of the State of Texas on behalf of the Cancer Prevention and Research Institute of Texas in an amount not to exceed $6 billion, rather than $3 billion, and to enter into related credit agreements.

SECTION 2. Requires that the proposed constitutional amendment be submitted to the voters at an election to be held November 5, 2019. Sets forth the required language of the ballot.