Texas Bonds for the Veterans' Land Board, Proposition 6 (2009)

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The Texas Bonds for the Veterans' Land Board Amendment, also known as Proposition 6, was on the November 3, 2009 ballot in Texas as a legislatively-referred constitutional amendment, where it was approved.

The measure, authored by Rep. Frank Corte, Jr., allowed the sale of state general obligation bonds in order to sell property and land to Texas veterans. In addition, the general obligation bonds could be used to provide home or land mortgage loans to those veterans. The bill also stated that the amount of outstanding bonds could not exceed the amount of authorized state obligation bonds.[1][2][3]

The bill was sponsored by Sen. Leticia Van de Putte.

Election results

Texas Proposition 6 (2009)
ResultVotesPercentage
Approveda Yes 672,285 65.70%
No351,03634.3%

Election results via: Legislative Reference Library of Texas

Text of measure

Ballot title

The short ballot summary Texas voters saw on their ballot read as:[4]

The constitutional amendment authorizing the Veterans' Land Board to issue general obligation bonds in amounts equal to or less than amounts previously authorized.

[5]

Full text

The full text of the measure can be read here.

Constitutional changes

See also: Amending the Texas Constitution

Proposition 6 amended Section 49-b(w) of Article 3 of the Texas Constitution to say:[6]

The Veterans' Land Board may provide for, issue, and sell general obligation bonds of the state for the purpose of selling land to veterans of the state or providing home or land mortgage loans to veterans of the state in a principal amount of outstanding bonds that must at all times be equal to or less than the aggregate principal amount of state general obligation bonds previously authorized for those purposes by prior constitutional amendments. Bonds and other obligations issued or executed under the authority of this subsection may not be included in the computation required by Section 49-j of this article. The bond proceeds shall be deposited in or used to benefit and augment the Veterans' Land Fund, the Veterans' Housing Assistance Fund, or the Veterans' Housing Assistance Fund II, as determined appropriate by the Veterans' Land Board, and shall be administered and invested as provided by law. Payments of principal and interest on the bonds, including payments made under a bond enhancement agreement with respect to principal of or interest on the bonds, shall be made from the sources and in the manner provided by this section for general obligation bonds issued for the benefit of the applicable fund.

Media editorial positions

Main article: Endorsements of Texas ballot measures, 2009

Support

  • The Austin Chronicle said,"This allows rollover bond authority without a special authorization every single time; it's not a constitutional matter."[7]
  • The El Paso Times said, "This will allow the Veterans Land Board to continue to issue loans to veterans, using money that has been paid back on previous loans."[8]

Opposition

  • The Star-Telegram said,"The Veterans’ Land Board sells bonds to make reduced-rate loans for veterans who buy homes or land. It’s a great program. The amount of outstanding bonds, backed by the state but historically paid off by loan recipients at extremely low default rates, is limited by the constitution. Every time the VLB needs more money, it has to come to voters for a constitutional amendment."[9]

Path to the ballot

See also: Laws governing direct democracy in Texas

The measure was filed with Texas Secretary of State Hope Andrade on June 3, 2009.

The Texas House of Representatives approved the proposed amendment on May 1, 2009 with a vote of 144-0, followed by the State Senate on May 19, 2009 with a vote of 30-0.[6]

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.

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See also

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External links

Additional reading

References


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