Texas House Bill HJR73

Texas 2009 - 81st Regular

Caption

Proposing a constitutional amendment authorizing the issuance of general obligation bonds to provide and guarantee loans to encourage the use of hydrogen as a cleaner fuel source.

Impact

The bill specifically allows the Texas Public Finance Authority to issue bonds, which are considered a general obligation of the state. This means that the state's treasury will be responsible for ensuring the debt is serviced, thereby committing state funds for the repayment of the principal and interest on these bonds. Such financial mechanisms are expected to stimulate economic activity by facilitating investments in hydrogen-related projects across various sectors, including business entities and higher education institutions.

Voting

The bill is due to be presented to voters in an election scheduled for November 3, 2009, where constituents will have the opportunity to express their support or opposition through a ballot measure explicitly outlining the bond issuance for hydrogen projects. The outcome of this vote will significantly influence Texas's approach to renewable energy funding and development.

Summary

HJR73 proposes a constitutional amendment to authorize the issuance of general obligation bonds in the amount not to exceed $250 million. The purpose of these bonds is to provide and guarantee loans aimed at encouraging the use of hydrogen as a cleaner fuel source in Texas. This initiative reflects a growing interest in promoting alternative energy sources and reducing reliance on fossil fuels, in line with state and national environmental goals.

Contention

Potential points of contention surrounding HJR73 may arise from concerns about the financial implications of issuing such bonds. Critics could question the prioritization of funding for hydrogen projects over other pressing needs within the state. Additionally, there may be debate over the efficacy and environmental impact of hydrogen as a clean fuel compared to other renewable energy sources. Proponents argue that hydrogen technology holds promise for a sustainable energy future, while skeptics may call for more comprehensive assessments before committing state resources.