Texas Proposition 2 (2007)
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Proposition 2 would provide the issuance of $500 million in general obligation bonds to finance educational loans. The initiative is a Legislative referral proposed by the Texas Senate for the November 2007 election.
|Texas Proposition 2 (2007)|
The following amounts are the general obligation bonds that have been issued over the past years for student loans:
- $85 million in 1965
- $200 million in 1969
- $75 million in 1989
- $300 million in 1991
- $300 million in 1995
- $400 million in 1999
Statement of Support
This is a self-sustaining programs with students paying back the debt and the interest earned going back to help future students. It is enabling 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.
Support in the Community
Montgomery County's newspaper, The Courier has endorsed the initiative saying:
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.
It also earned the support from the Off the Kuff blog, saying "I see no reason not to vote for this."
Statement of Opposition
This would add to the considerable debt of the state. Also the bonds compete with private business who must operate to earn a profit, while the government does not have such a burden.
Opposition in the Community
The Americans for Prosperity, Texas Chapter, has come out opposing Proposition 2, stating:
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.
A Taxpayer's Perspective
Proposition 2 raises state debt by $500 million to help finance student loans.
Text of measure
The short ballot summary voters saw on their ballot read: "The constitutional amendment providing for the issuance of $500 million in general obligation bonds to finance educational loans to students and authorizing bond enhancement agreements with respect to general obligation bonds issued for that purpose."
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.
- Proposition 2 language
- Texas House Research Organization, Constitutional Amendments Report
- Bond proposals on November 6 ballot run the gamut
- Election results (From the drop-down menu, choose "2007 Constitutional Amendment Election")
- The cost of higher education is one of the biggest barriers keeping high school students out of college, The Courier, Nov. 1, 2007
- State Proposition 2, Off the Kuff, Sept. 28, 2007
- Lonestar Times, Oct. 15, 2007
- Texas Secretary of State, "Ballot Language For November 6, 2007 Constitutional Amendment"