Texas Senate Bill SJR17

Texas 2009 - 81st Regular

• Filed: 12/18/08

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 implementation of SJR17 is expected to have significant implications for both the environment and the Texan economy. By supporting the development of hydrogen as a cleaner fuel source, the bill not only aims to reduce the state's carbon footprint but also to diversify its energy portfolio. Moreover, it could encourage innovation and investment in the green technology sector, potentially leading to job creation and economic growth in areas related to sustainable energy.

Summary

SJR17 is a joint resolution proposing an amendment to the Texas Constitution to authorize the issuance of general obligation bonds aimed at promoting the use of hydrogen as a cleaner fuel source. Specifically, it seeks to enable the Texas Public Finance Authority to issue bonds up to $250 million to provide and guarantee loans for relevant projects. These projects include the manufacture, storage, distribution, and sale of hydrogen, thereby providing crucial financial support to businesses and governmental entities engaged in this field.

Election

The proposed amendment is set to be submitted to voters in a referendum scheduled for November 3, 2009. The ballot will allow constituents to voice their approval or disapproval of the measure, which is framed as a means to stimulate economic development while addressing environmental concerns.

Contention

While proponents argue that SJR17 is essential for fostering a green energy economy, there are concerns regarding the potential financial risks associated with issuing such bonds. Critics may argue that the state could incur significant debt if these projects do not yield the expected economic returns or if the hydrogen market does not mature as anticipated. Moreover, there may be debates about prioritizing funding for hydrogen over other critical sectors or technologies, bringing attention to the larger questions about energy policy and environmental responsibility.