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Texas Bonds for Educational Loans, Proposition 2 (2007)

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The Texas Bonds for Educational Loans Amendment, also known as Proposition 2, was on the November 6, 2007 ballot in Texas as a legislatively-referred constitutional amendment, where it was approved. The measure issued $500 million in general obligation bonds to finance educational loans to students.[1][2]

Election results

Texas Proposition 2 (2007)
ResultVotesPercentage
Approveda Yes 718,282 65.84%
No372,65934.16%

Election results via: Legislative Reference Library of Texas

Text of measure

The text of the measure can be read here.

Support

This is a self-sustaining program with students paying back the debt and the interest earned going back to help future students. It enabled legislation that would authorize the bonds that are needed for the Texas High Education Coordinating Board to meet the expanding demands for student financial assistance.

Montgomery County's newspaper, The Courier endorsed the initiative saying:[3]

This is one area where voters can step up, pass a proposition to help students without having taxpayers bear the funding burden. We urge voters to support Proposition 2.

[4]

It also earned the support from the Off the Kuff blog, saying "I see no reason not to vote for this."[5]

Opposition

This would add to the considerable debt of the state. Also the bonds competed with private business who must operate to earn a profit, while the government does not have such a burden.

The Americans for Prosperity, Texas Chapter, came out opposing Proposition 2, stating:[6]

Texans carry tremendous government debt now. Thought this program should pay for itself, taxpayers could end up bailing the program out if it becomes insolvent. Student loans are already offered by the federal government and numerous other private lenders. Taxpayers want college to be more affordable, and simply funding more student loans while allowing tuition to climb and requiring little fiscal accountability on how higher education dollars are spent, is not in taxpayers’ best interest.

[4]

Path to the ballot

See also: Laws governing direct democracy in Texas

As laid out in Article 17 of the Texas Constitution, in order for a proposed constitutional amendment to be placed on the ballot, the Texas State Legislature must propose the amendment in a joint resolution of both the Texas State Senate and the Texas House of Representatives. The joint resolution can originate in either the House or the Senate. The resolution must be adopted by a vote of at least two-thirds of the membership of each house of the legislature. That amounts to a minimum of 100 votes in the House of Representatives and 21 votes in the Senate.

See also

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References


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