LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION April 16, 2011 TO: Honorable Harvey Hilderbran, Chair, House Committee on Ways & Means FROM: John S O'Brien, Director, Legislative Budget Board IN RE:HJR141 by Pena (Proposing a constitutional amendment regarding the authorization of certain general obligation bonds or notes to provide financial assistance to counties for roadway projects to serve colonias.), As Introduced No significant fiscal implication to the State is anticipated, other than the cost of publication. The cost to the state for publication of the resolution is $105,495. The joint resolution proposes a constitutional amendment that would allow the legislature to authorize the governor to authorize the Texas Public Finance Authority to issue additional general obligation bonds in an aggregate not to exceed $60 million to provide financial assistance to counties for roadway projects to serve colonias. The proposed constitutional amendment would be submitted to the voters at an election to be held November 8, 2011. Article III, Section 49-j of the Texas Constitution limits the authorization of additional state debt if the percentage of debt service payable from the General Revenue Fund exceeds 5 percent of the average annual unrestricted General Revenue Fund revenues for the previous three fiscal years. As of the end of fiscal year 2010, the Bond Review Board estimates the constitutional debt limit for issued, and authorized but unissued debt, to be 4.10 percent. The Bond Review Board estimates that the additional authorization of $60 million in not self-supporting general obligation bond authority would increase the ratio for issued, and authorized but unissued debt by 0.02 percent. Local Government Impact This resolution, if approved by voters would authorize $60 million in general obligation bonds to provide counties with financial assistance for roadway projects to serve border colonias. Source Agencies:304 Comptroller of Public Accounts, 347 Public Finance Authority, 352 Bond Review Board, 601 Department of Transportation LBB Staff: JOB, KK, MS, EP, JJO
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION
April 16, 2011
TO: Honorable Harvey Hilderbran, Chair, House Committee on Ways & Means FROM: John S O'Brien, Director, Legislative Budget Board IN RE:HJR141 by Pena (Proposing a constitutional amendment regarding the authorization of certain general obligation bonds or notes to provide financial assistance to counties for roadway projects to serve colonias.), As Introduced
TO: Honorable Harvey Hilderbran, Chair, House Committee on Ways & Means
FROM: John S O'Brien, Director, Legislative Budget Board
IN RE: HJR141 by Pena (Proposing a constitutional amendment regarding the authorization of certain general obligation bonds or notes to provide financial assistance to counties for roadway projects to serve colonias.), As Introduced
Honorable Harvey Hilderbran, Chair, House Committee on Ways & Means
Honorable Harvey Hilderbran, Chair, House Committee on Ways & Means
John S O'Brien, Director, Legislative Budget Board
John S O'Brien, Director, Legislative Budget Board
HJR141 by Pena (Proposing a constitutional amendment regarding the authorization of certain general obligation bonds or notes to provide financial assistance to counties for roadway projects to serve colonias.), As Introduced
HJR141 by Pena (Proposing a constitutional amendment regarding the authorization of certain general obligation bonds or notes to provide financial assistance to counties for roadway projects to serve colonias.), As Introduced
No significant fiscal implication to the State is anticipated, other than the cost of publication. The cost to the state for publication of the resolution is $105,495.
No significant fiscal implication to the State is anticipated, other than the cost of publication. The cost to the state for publication of the resolution is $105,495.
The cost to the state for publication of the resolution is $105,495.
The joint resolution proposes a constitutional amendment that would allow the legislature to authorize the governor to authorize the Texas Public Finance Authority to issue additional general obligation bonds in an aggregate not to exceed $60 million to provide financial assistance to counties for roadway projects to serve colonias. The proposed constitutional amendment would be submitted to the voters at an election to be held November 8, 2011. Article III, Section 49-j of the Texas Constitution limits the authorization of additional state debt if the percentage of debt service payable from the General Revenue Fund exceeds 5 percent of the average annual unrestricted General Revenue Fund revenues for the previous three fiscal years. As of the end of fiscal year 2010, the Bond Review Board estimates the constitutional debt limit for issued, and authorized but unissued debt, to be 4.10 percent. The Bond Review Board estimates that the additional authorization of $60 million in not self-supporting general obligation bond authority would increase the ratio for issued, and authorized but unissued debt by 0.02 percent.
The joint resolution proposes a constitutional amendment that would allow the legislature to authorize the governor to authorize the Texas Public Finance Authority to issue additional general obligation bonds in an aggregate not to exceed $60 million to provide financial assistance to counties for roadway projects to serve colonias.
The proposed constitutional amendment would be submitted to the voters at an election to be held November 8, 2011.
Article III, Section 49-j of the Texas Constitution limits the authorization of additional state debt if the percentage of debt service payable from the General Revenue Fund exceeds 5 percent of the average annual unrestricted General Revenue Fund revenues for the previous three fiscal years. As of the end of fiscal year 2010, the Bond Review Board estimates the constitutional debt limit for issued, and authorized but unissued debt, to be 4.10 percent. The Bond Review Board estimates that the additional authorization of $60 million in not self-supporting general obligation bond authority would increase the ratio for issued, and authorized but unissued debt by 0.02 percent.
Local Government Impact
This resolution, if approved by voters would authorize $60 million in general obligation bonds to provide counties with financial assistance for roadway projects to serve border colonias.
Source Agencies: 304 Comptroller of Public Accounts, 347 Public Finance Authority, 352 Bond Review Board, 601 Department of Transportation
304 Comptroller of Public Accounts, 347 Public Finance Authority, 352 Bond Review Board, 601 Department of Transportation
LBB Staff: JOB, KK, MS, EP, JJO
JOB, KK, MS, EP, JJO