Honorable Senfronia Thompson, Chair, House Committee on Public Health
FROM:
John McGeady, Assistant Director Sarah Keyton, Assistant Director Legislative Budget Board
IN RE:
HJR5 by Thompson, Senfronia (Proposing a constitutional amendment providing for the issuance of general obligation bonds by the Texas Public Finance Authority to fund research, treatment, and access to services in this state for behavioral health, mental health, and substance use and addiction issues.), As Introduced
No fiscal implication to the State is anticipated, other than the cost of publication.
The cost to the state for publication of the resolution is $177,289.
The joint resolution would amend the Texas Constitution to authorize the Texas Public Finance Authority to issue general obligation bonds to fund research, treatment, and access to services in this state for behavioral health, mental health, and substance use and addiction issues.
The proposed constitutional amendment would be submitted to the voters at an election to be held November 5, 2019.
The resolution does not provide an amount for additional state debt authorization. As a result, the impact on state debt cannot be determined.
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 for the previous three fiscal years. At the end of fiscal year 2018, the Bond Review Board estimates the constitutional debt limit for issued, and authorized but unissued debt to be 2.20 percent. For illustrative purposes, the Bond Review Board estimates that an additional authorization of $1.0 billion in not self-supporting general obligation bond authority would increase the ratio for issued debt, and authorized but unissued debt, by 0.19 percent.
This legislation would do one or more of the following: create or recreate a dedicated account in the General Revenue Fund, create or recreate a special or trust fund either within or outside of the Treasury, or create a dedicated revenue source. The fund, account, or revenue dedication included in this bill would be subject to funds consolidation review by the current Legislature.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies:
304 Comptroller of Public Accounts, 347 Public Finance Authority, 352 Bond Review Board, 529 Health and Human Services Commission