Proposing a constitutional amendment authorizing Bexar County to issue bonds or notes to finance the acquisition of real property and the construction of a building or facility on the property for use by an institution of higher education and to pledge for repayment of those bonds or notes increases in revenues from ad valorem taxes imposed by the county and other political subdivisions on property located in a designated area of the county.
If enacted, HJR93 would amend Section 1-g, Article VIII of the Texas Constitution, adding a new subsection to authorize Bexar County's ability to fund higher education projects through the issuance of bonds. This means that local governments can facilitate significant investments in educational infrastructure without relying solely on state funding. Additionally, the amendment is set to be presented for voter approval in a local election, allowing the community a voice in this decision-making process.
HJR93 is a joint resolution proposing a constitutional amendment that would allow Bexar County to issue bonds or notes aimed at financing the acquisition of real property and the construction of a building or facility for use by an institution of higher education. This initiative specifically includes provisions to pledge the repayment of these bonds or notes from increased revenues generated by ad valorem taxes imposed on properties within a designated area of the county. The resolution underscores the county's commitment to supporting educational facilities and infrastructure in higher education.
A potential point of contention surrounding HJR93 revolves around the fiscal implications of issuing such bonds and the long-term sustainability of using ad valorem tax revenues for repayment. Critics may argue that relying on increased property tax revenues could place an additional burden on local taxpayers, potentially conflicting with concerns over property tax rates. On the other hand, proponents might highlight that enhancing higher education infrastructure can yield long-term economic benefits for the region, thereby justifying the costs involved.