Proposing a constitutional amendment authorizing the legislature to permit a county to issue bonds or notes to finance the development or redevelopment of an unproductive, underdeveloped, or blighted area and to pledge for repayment of the bonds or notes increases in ad valorem taxes imposed by the county on property in the area.
Impact
The passage of HJR63 would significantly impact state laws related to municipal finance, specifically enabling counties greater authority to engage in debt financing for local improvement projects. This amendment would facilitate the financing and improvement of economically deprived regions, potentially leading to increased property values and enhanced community services. Notably, the mechanism for using future tax revenues as collateral for such bonds aligns with tax increment financing principles, promoting investment in designated areas.
Summary
HJR63 proposes a constitutional amendment that would allow the Texas legislature to authorize counties to issue bonds or notes for the purpose of financing the development or redevelopment of underdeveloped or blighted areas. Under this resolution, counties could pledge increases in property taxes collected from these areas as a means to repay the bonds or notes issued. The amendment seeks to address the issue of unproductive properties and areas needing revitalization, thus stimulating economic growth and community development.
Contention
While proponents of HJR63 advocate for its potential benefits in revitalizing underdeveloped areas, opposition may arise from concerns about fiscal responsibility and the long-term implications of relying on future tax revenues for immediate funding. Critics could argue that such practices may lead to an over-reliance on debt financing without adequate safeguards for taxpayers. Moreover, discussions around the amendment might also consider the equitable distribution of benefits and the risk of gentrification, where increased investments could displace existing residents.
Proposing a constitutional amendment relating to the authority of the legislature to permit conservation and reclamation districts in El Paso County to issue bonds supported by ad valorem taxes to fund the development and maintenance of parks and recreational facilities.
Proposing a constitutional amendment relating to the authority of the legislature to permit conservation and reclamation districts in El Paso County to issue bonds supported by ad valorem taxes to fund the development and maintenance of parks and recreational facilities.
Proposing a constitutional amendment authorizing the legislature to permit the owner of a parcel of real property that is located in more than one county to elect to have the property appraised for ad valorem taxation by the appraising entity for one of those counties.
Proposing a constitutional amendment increasing the amount of additional general obligation bonds that may be issued by the Texas Water Development Board to provide financial assistance for the development of certain projects in economically distressed areas.
Proposing a constitutional amendment increasing the amount of additional general obligation bonds that may be issued by the Texas Water Development Board to provide financial assistance for the development of certain projects in economically distressed areas.
Relating to the substitution of a county sales and use tax for all or a portion of property taxes imposed by certain counties; authorizing the imposition of a tax.
Proposing a constitutional amendment establishing a limitation on the total amount of ad valorem taxes that a county may impose on the residence homesteads of persons who are disabled or elderly and their surviving spouses.
Relating to the creation of the Williamson County Development District No. 1; providing authority to issue bonds; providing authority to impose assessments, fees, and taxes.
Relating to the approval and creation of the Williamson County Development District No. 1; and to the administration, powers, duties, operation, and financing of the district, including the authority to impose an assessment, a tax, and issue bonds.
Relating to the creation of the Northeast Houston Redevelopment District; providing authority to issue bonds; providing authority to impose assessments or fees.