Proposing a constitutional amendment authorizing the Veterans' Land Board to issue general obligation bonds in amounts equal to or less than amounts previously authorized.
The proposed changes to the Texas Constitution, if approved, will enhance the capabilities of the Veterans' Land Board in generating funds to support veterans' housing needs. The amendment will allow the board to issue bonds without exceeding the total amount covered by previously authorized bonds. This flexibility could lead to increased funding sources for the Veterans' Housing Assistance Fund, thereby allowing more extensive assistance to veterans seeking home loans and property purchases.
SJR37 is a joint resolution proposing a constitutional amendment aimed at authorizing the Veterans' Land Board to issue general obligation bonds. This amendment is designed to enable the Board to issue bonds in amounts equal to or less than those previously authorized by prior constitutional amendments. The provisions of this amendment ensure that the Veterans' Land Board can continue to support veterans by facilitating land sales and providing home mortgage loans to them.
If enacted, the constitutional amendment will be put to voters in a ballot during an election scheduled for November 3, 2009. The ballot will present the proposition to voters, allowing them to decide whether to authorize the Veterans' Land Board to issue these general obligation bonds as proposed.
While the amendment itself does not appear to present significant controversial aspects, the funding mechanisms it proposes could be discussed in terms of their fiscal implications. The reliance on general obligation bonds raises concerns among some fiscal conservatives who worry about the long-term commitment of state resources. However, supporters argue that providing for veterans' housing through these bonds is a moral imperative given the sacrifices made by service members.