Texas Senate Bill SJR47

Texas 2017 - 85th Regular

Caption

Proposing a constitutional amendment authorizing the issuance of general obligation bonds to pay for certain state infrastructure projects.

Impact

The passage of SJR47 would create a specialized fund within the state treasury for managing the proceeds from these bonds, ensuring that the money is used strictly for approved infrastructure repair, renovation, and construction projects. This could significantly impact the state's ability to finance necessary improvements without immediately drawing from general revenue. Furthermore, the legislative provision to regulate interest rates on issued bonds is designed to protect state finances while ensuring feasible repayment plans aligned with the state's revenues.

Summary

SJR47 proposes a constitutional amendment to authorize the issuance of general obligation bonds by the Texas Public Finance Authority, intended to finance state infrastructure projects. The amendment permits the state to issue bonds up to a limit of $1 billion, with the proceeds allocated to a dedicated fund for infrastructure improvements that do not include transportation and higher education facilities. This funding mechanism aims to bolster the maintenance and enhancement of critical state infrastructure, addressing public needs and potentially stimulating economic growth through improved facilities.

Contention

While SJR47 is intended to facilitate infrastructure enhancements, there is potential contention regarding the control and distribution of the bond proceeds, particularly among various stakeholders. Concerns may arise about prioritizing specific projects, potential bureaucratic inefficiencies, or the risks of accumulating public debt. Moreover, the specific exclusion of transportation infrastructure from funding under this amendment could spark debate about the overall adequacy of state investment in transportation systems, as critics may argue that this narrow focus could neglect broader infrastructural needs.