Texas Bonds for Educational Loans, Proposition 2 (2007)
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.
|Texas Proposition 2 (2007)|
Election results via: Legislative Reference Library of Texas
Text of measure
The text of the measure can be read here.
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:
|“||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."
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.
|“||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.||”|
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.
- Texas 2007 ballot measures
- 2007 ballot measures
- List of Texas ballot measures
- History of direct democracy in Texas
- Legislative Reference Library of Texas, "Constitutional amendment election dates," accessed January 19, 2015
- Texas Legislative Council, "Amendments to the Texas Constitution Since 1876," accessed January 19, 2015
- The Courier, "The cost of higher education is one of the biggest barriers keeping high school students out of college," Nov. 1, 2007 (timed out)
- Note: This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.
- Off the Kuff, "State Proposition 2," Sept. 28, 2007
- Lonestar Times, "November Ballot - Proposition 2," Oct. 15, 2007
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|historical ballot measure article requires that the text of the measure be added to the page.|