RESOLUTION ANALYSIS

H.J.R. 182

By: Patterson

Pensions, Investments & Financial Services

Committee Report (Unamended)

BACKGROUND AND PURPOSE

The resolution author has informed the committee that the Veterans' Land Board (VLB) was created by the Texas Legislature in 1946 to provide long-term low interest loans to veterans returning from World War II and that in 2009 a constitutional amendment that was passed set the maximum aggregate principal amount of VLB bonds at $4 billion. The resolution author has further informed the committee that, since 1946, the Texas Legislature has continued to increase the bond limit to meet the needs of Texas veterans and that due to significant inflation rates from 2009 to 2024, legislation is needed to raise the limit of bond issuance to meet today's market and further help the more than 1.6 million Texas veterans. H.J.R. 182 seeks to address this issue by increasing the bond limit to $6 billion to meet the current home price appreciation and inflation rates over the past 15 plus years.

CRIMINAL JUSTICE IMPACT

It is the committee's opinion that this resolution does not expressly create a criminal offense, increase the punishment for an existing criminal offense or category of offenses, or change the eligibility of a person for community supervision, parole, or mandatory supervision.

RULEMAKING AUTHORITY

It is the committee's opinion that this resolution does not expressly grant any additional rulemaking authority to a state officer, department, agency, or institution.

ANALYSIS

H.J.R. 182 proposes an amendment to the Texas Constitution to change the principal amount of outstanding state general obligation bonds that the Veterans' Land Board may provide for, issue, and sell for the purpose of selling land to veterans of the state or providing home or land mortgage loans to veterans of the state from an amount that must at all times be equal to or less than the aggregate principal amount of state general obligation bonds previously authorized for those purposes by prior constitutional amendments to an amount that must at all times be equal to or less than $6 billion.

ELECTION DATE

The constitutional amendment proposed by this joint resolution will be submitted to the voters at an election to be held November 4, 2025.