Texas Proposition 16 (2007)
From Ballotpedia
Proposition 16 provides for the issuance of general bonds in an amount not to exceed $250 million to the Texas Water Development Board in economically distressed areas of Texas.[1]
Proposition 16 appeared on the statewide November 2007 ballot in Texas along with fifteen other statewide propositions; all of them passed. All sixteen ballot measures were legislative referrals voted onto the ballot by the Texas State Legislature.
Voter approval is required because the Texas Constitution forbids most state debt. In order for general-obligation bonds backed by the state's full faith and credit to be issued, the voters must first be consulted.
Three other bond issues were on the November 6, 2007 ballot. Voters approved all of them, approving altogether $6.75 billion in new debt.
Election results
Proposition 16 passed with 644,960 voting for it (61%) and 416,290 voting against it (39%).
Newspaper endorsements
Austin Chronicle
- "YES. If we're really lucky, a few more hapless colonias will get water and wastewater service. And the bloodsucking bankers will drink the interest."[2]
Dallas Morning Star
- " We favor efforts to lift up colonias, and Proposition 16 is the best way to accomplish it."[3]
Opponents
The Texas chapter of Americans for Prosperity has announced that it opposes all five proposed bond issues. According to Peggy Venable, director of the Texas group:[4]
"Every government bond is a delayed tax increase. Every dollar spent by government and every bond issued by government equates to a job lost or a paycheck cut in the private sector."
References
- ↑ Proposition 16 language
- ↑ Austin Chronicle Endorsements, Austin Chronicle, Nov 2, 2007
- ↑ We Recommend, Dallas Morning Star, Oct. 23, 2007
- ↑ http://www.chron.com/disp/story.mpl/metropolitan/5212081.html
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