LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION March 30, 2009 TO: Honorable Frank Corte, Jr., Chair, House Committee on Defense & Veterans' Affairs FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HJR116 by Corte (Proposing a constitutional amendment authorizing the Veterans' Land Board to issue general obligation bonds in amounts equal to or less than amounts previously authorized.), As Introduced No significant fiscal implication to the State is anticipated, other than the cost of publication. The cost to the state for publication of the resolution is $90,882. The resolution would allow the Veterans Land Board (VLB) to issue general obligation bonds for the purpose of selling land or home mortgages to veterans in an amount equal to or less than the aggregate principal amount of all previous constitutional authorizations. In addition, the resolution would ratify the practice of excluding the VLB land and mortgage general obligation bonds from the constitutional debt limit calculation. The proposed constitutional amendment would be submitted to voters at an election to be held November 3, 2009. Although backed by the full faith and credit of the state, VLB land and mortgage general obligation bonds are expected to be paid from other revenue sources (outside the state treasury) and have not in the past and are not expected to create a future draw on General Revenue. Therefore, the bill is not expected to have a significant fiscal impact to the state. Local Government Impact No fiscal implication to units of local government is anticipated. Source Agencies:305 General Land Office and Veterans' Land Board, 352 Bond Review Board LBB Staff: JOB, KK, TL
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION
March 30, 2009
TO: Honorable Frank Corte, Jr., Chair, House Committee on Defense & Veterans' Affairs FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HJR116 by Corte (Proposing a constitutional amendment authorizing the Veterans' Land Board to issue general obligation bonds in amounts equal to or less than amounts previously authorized.), As Introduced
TO: Honorable Frank Corte, Jr., Chair, House Committee on Defense & Veterans' Affairs
FROM: John S. O'Brien, Director, Legislative Budget Board
IN RE: HJR116 by Corte (Proposing a constitutional amendment authorizing the Veterans' Land Board to issue general obligation bonds in amounts equal to or less than amounts previously authorized.), As Introduced
Honorable Frank Corte, Jr., Chair, House Committee on Defense & Veterans' Affairs
Honorable Frank Corte, Jr., Chair, House Committee on Defense & Veterans' Affairs
John S. O'Brien, Director, Legislative Budget Board
John S. O'Brien, Director, Legislative Budget Board
HJR116 by Corte (Proposing a constitutional amendment authorizing the Veterans' Land Board to issue general obligation bonds in amounts equal to or less than amounts previously authorized.), As Introduced
HJR116 by Corte (Proposing a constitutional amendment authorizing the Veterans' Land Board to issue general obligation bonds in amounts equal to or less than amounts previously authorized.), As Introduced
No significant fiscal implication to the State is anticipated, other than the cost of publication. The cost to the state for publication of the resolution is $90,882.
No significant fiscal implication to the State is anticipated, other than the cost of publication. The cost to the state for publication of the resolution is $90,882.
The cost to the state for publication of the resolution is $90,882.
The resolution would allow the Veterans Land Board (VLB) to issue general obligation bonds for the purpose of selling land or home mortgages to veterans in an amount equal to or less than the aggregate principal amount of all previous constitutional authorizations. In addition, the resolution would ratify the practice of excluding the VLB land and mortgage general obligation bonds from the constitutional debt limit calculation. The proposed constitutional amendment would be submitted to voters at an election to be held November 3, 2009. Although backed by the full faith and credit of the state, VLB land and mortgage general obligation bonds are expected to be paid from other revenue sources (outside the state treasury) and have not in the past and are not expected to create a future draw on General Revenue. Therefore, the bill is not expected to have a significant fiscal impact to the state.
The resolution would allow the Veterans Land Board (VLB) to issue general obligation bonds for the purpose of selling land or home mortgages to veterans in an amount equal to or less than the aggregate principal amount of all previous constitutional authorizations. In addition, the resolution would ratify the practice of excluding the VLB land and mortgage general obligation bonds from the constitutional debt limit calculation. The proposed constitutional amendment would be submitted to voters at an election to be held November 3, 2009.
Although backed by the full faith and credit of the state, VLB land and mortgage general obligation bonds are expected to be paid from other revenue sources (outside the state treasury) and have not in the past and are not expected to create a future draw on General Revenue. Therefore, the bill is not expected to have a significant fiscal impact to the state.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies: 305 General Land Office and Veterans' Land Board, 352 Bond Review Board
305 General Land Office and Veterans' Land Board, 352 Bond Review Board
LBB Staff: JOB, KK, TL
JOB, KK, TL