The election on November 8, 2011 is a constitutional amendment election for the State of Texas. In all there are ten propositions to be considered by Texas voters but this week I'll list just two.
Proposition No. 3
The ballot reads "The constitutional amendment providing for the issuance of general obligation bonds of the State of Texas to finance education loans to students."
College students must use many sources to pay for the cost of the education. These include grants or federal loans as well as loans from the Hinson-Hazlewood College Student Loan Program. The HH loan program is administered by the Texas Higher Education Coordinating Board which currently is authorized to provide low-interest loans to students with insufficient resources to finance a college education.
Over the last forty-six years the people of Texas have authorized $1.86 billion dollars toward student loans, the most recent being $500 million in 2007. It is anticipated that by the end of 2013 these funds (authorized in 2007) will be exhausted. The proposition would allow the coordinating board to sell bonds based upon the total approved rather than the most recent request.
The student loan program is self-supporting in that bond debt is repaid by student loan repayments.
Proposition No. 4
"The 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. The amendment does not provide authority for increasing ad valorem tax rates."
Currently the Texas Constitution allows for an incorporated city or towns to issue bonds. Proposition 4 would add counties to the political entities authorized to pledge increased property tax revenue to repay bonds issued to redevelop property in an unproductive, underdeveloped, or blighted area, which could include an area within a county. As stated in the amendment, it does not provide authority to increase ad valorem tax rates.
Additional information on the propositions can be found at the Texas Legislative website.
The deadline to register to vote or to update/change your voter registration information for the November 8th election is Tuesday, October 11th. If you have a question
- 1 unverified comment
Thank you for your contribution.Flag this as inappropriate
- Follow GeorgeMatthews