Texas Senate Bill SB1952

Texas 2009 - 81st Regular

• Out of Senate Committee: 4/8/09
• Voted on by Senate: 4/16/09
• Out of House Committee: 5/13/09
• Voted on by House: 5/15/09
• Governor Action: 5/27/09
• Enrolled: 5/18/09
• Passed: 5/27/09

Caption

Relating to the authorization of certain municipalities and counties to issue public securities for the financing of permanent improvements for use by an institution of higher education.

Impact

The bill's implementation is expected to have a significant impact on state laws regarding municipal finance and local government authority. By permitting municipalities to issue public securities, the legislation opens avenues for local governments to fund educational advancements without relying solely on state funding. This can lead to improved educational facilities, contributing positively to the local economy by making higher education more accessible.

Summary

SB1952 aims to authorize certain municipalities and counties in Texas to issue public securities for financing permanent improvements intended for use by institutions of higher education. The bill specifically targets home-rule municipalities with a population of 25,000 or more, as well as counties in which such municipalities are situated. This initiative is seen as a way to enhance educational opportunities locally by allowing communities to manage and finance improvements that can support higher education facilities and services.

Contention

While the bill has potential economic benefits, it also raises questions about the financial responsibilities and risks associated with public securities. Some discussions may revolve around the implications for local governance and the extent to which municipal autonomy is preserved or compromised. Notably, implications for taxation may also be a point of contention, particularly concerning how ad valorem taxes imposed to finance these securities could affect local taxpayers.