LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION April 11, 2011 TO: Honorable Judith Zaffirini, Chair, Senate Committee on Higher Education FROM: John S O'Brien, Director, Legislative Budget Board IN RE:SJR50 by West (Proposing a constitutional amendment providing for the issuance of general obligation bonds to finance educational loans to students and for authority to enter into bond enhancement agreements with respect to general obligation bonds issued for that purpose.), As Introduced No 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 proposed amendment would authorize the Legislature by general law to authorize the Higher Education Coordinating Board to issue general obligation bonds of the state for the purpose of financing education loans to students provided that the principal amount of bonds outstanding does not exceed the aggregate amount of bonds previously authorized for those purposes. It is anticipated that the general obligation bonds issued under the debt authorized by the joint resolution would be self-supporting, with the debt service being paid by sources other than General Revenue. Therefore this debt authority would not be included in the constitutional debt limit. The bill states an election will be held on November 8, 2011 for voter approval on the following: The constitutional amendment providing for the issuance of general obligation bonds of the State of Texas for the purpose of financing educational loans to students Local Government Impact No fiscal implication to units of local government is anticipated. Source Agencies:352 Bond Review Board, 781 Higher Education Coordinating Board LBB Staff: JOB, KK, RT, GO, JJO
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION
April 11, 2011
TO: Honorable Judith Zaffirini, Chair, Senate Committee on Higher Education FROM: John S O'Brien, Director, Legislative Budget Board IN RE:SJR50 by West (Proposing a constitutional amendment providing for the issuance of general obligation bonds to finance educational loans to students and for authority to enter into bond enhancement agreements with respect to general obligation bonds issued for that purpose.), As Introduced
TO: Honorable Judith Zaffirini, Chair, Senate Committee on Higher Education
FROM: John S O'Brien, Director, Legislative Budget Board
IN RE: SJR50 by West (Proposing a constitutional amendment providing for the issuance of general obligation bonds to finance educational loans to students and for authority to enter into bond enhancement agreements with respect to general obligation bonds issued for that purpose.), As Introduced
Honorable Judith Zaffirini, Chair, Senate Committee on Higher Education
Honorable Judith Zaffirini, Chair, Senate Committee on Higher Education
John S O'Brien, Director, Legislative Budget Board
John S O'Brien, Director, Legislative Budget Board
SJR50 by West (Proposing a constitutional amendment providing for the issuance of general obligation bonds to finance educational loans to students and for authority to enter into bond enhancement agreements with respect to general obligation bonds issued for that purpose.), As Introduced
SJR50 by West (Proposing a constitutional amendment providing for the issuance of general obligation bonds to finance educational loans to students and for authority to enter into bond enhancement agreements with respect to general obligation bonds issued for that purpose.), As Introduced
No 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 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 proposed amendment would authorize the Legislature by general law to authorize the Higher Education Coordinating Board to issue general obligation bonds of the state for the purpose of financing education loans to students provided that the principal amount of bonds outstanding does not exceed the aggregate amount of bonds previously authorized for those purposes. It is anticipated that the general obligation bonds issued under the debt authorized by the joint resolution would be self-supporting, with the debt service being paid by sources other than General Revenue. Therefore this debt authority would not be included in the constitutional debt limit. The bill states an election will be held on November 8, 2011 for voter approval on the following: The constitutional amendment providing for the issuance of general obligation bonds of the State of Texas for the purpose of financing educational loans to students
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies: 352 Bond Review Board, 781 Higher Education Coordinating Board
352 Bond Review Board, 781 Higher Education Coordinating Board
LBB Staff: JOB, KK, RT, GO, JJO
JOB, KK, RT, GO, JJO