Proposing a constitutional amendment providing for the issuance of general obligation bonds to provide funding to develop and maintain research universities in this state of the highest tier.
Impact
If approved, HJR1 will update Article III of the Texas Constitution by adding Section 68, which delineates the parameters for bond issuance. It allows the Texas Public Finance Authority to issue the bonds while ensuring the debt does not exceed an annual limit of $300 million. The revenue generated by these bonds would be placed into a separate fund dedicated exclusively to the state's research universities, thereby providing a critical source of funding that could enhance infrastructure, faculty recruitment, and research initiatives.
Summary
HJR1 is a joint resolution that proposes an amendment to the Texas Constitution to allow for the issuance of general obligation bonds up to $3 billion. This funding is earmarked specifically for the development and maintenance of high-tier research universities within Texas. The proposed amendment seeks to enhance the state's investment in higher education, intending to foster academic excellence and support institutions that contribute significantly to research output and economic growth.
Contention
While proponents argue that this financial commitment is vital for positioning Texas as a leader in research and higher education, there may be points of contention regarding the financial implications for taxpayers. Critics might express concerns over adding state debt, the potential impact on future budgeting, and whether prioritizing research universities aligns with broader educational needs across all levels. The referendum to be held on November 3, 2009, will allow voters to express their support or opposition to this proposed constitutional change.
Enabled by
Relating to the issuance of general obligation bonds to provide funding to develop and maintain research universities in this state of the highest tier.
Proposing a constitutional amendment authorizing the issuance of general obligation bonds to provide funding for the construction, expansion, maintenance, and operation of state mental health facilities.
Proposing a constitutional amendment relating to the Texas University Fund, which provides funding to certain institutions of higher education to achieve national prominence as major research universities and drive the state economy.
Proposing a constitutional amendment relating to the Texas University Fund, which provides funding to certain institutions of higher education to achieve national prominence as major research universities and drive the state economy.
Proposing a constitutional amendment providing for the dedication of certain sales and use tax revenue to a special fund established in the state treasury to pay for water infrastructure in this state.
Proposing a constitutional amendment increasing the amount of additional general obligation bonds that may be issued by the Texas Water Development Board to provide financial assistance for the development of certain projects in economically distressed areas.
Proposing a constitutional amendment increasing the amount of additional general obligation bonds that may be issued by the Texas Water Development Board to provide financial assistance for the development of certain projects in economically distressed areas.
Proposing a constitutional amendment providing for the creation of the electric generating facility fund to finance construction of electric generating facilities.
Proposing a constitutional amendment providing for the establishment of the Mental Health and Brain Research Institute of Texas and establishing the Mental Health and Brain Institute Research Fund for the purposes of scientific research of all forms of mental health and human brain disease and disorders.
Proposing a constitutional amendment providing for the creation of the Texas energy insurance fund and the authorization of other funding mechanisms to support the construction and operation of electric generating facilities.
Proposing a constitutional amendment providing for the creation of funds to support the capital needs of educational programs offered by the Texas State Technical College System and certain component institutions of the Texas State University System and repealing the limitation on the allocation to the Texas State Technical College System and its campuses of the annual appropriation of certain constitutionally dedicated funding for public institutions of higher education.