"The rich rules over the poor,
And the borrower is servant to the lender."
[Note: The saga of how this bill was killed two sessions ago great illustration of how business is done in the Texas Legislature.]
This is a fantastic idea that should have been done two sessions ago:
Relating to certain information included with ballot propositions for elections to authorize state and local general obligation bonds.Shaheen's bill would specifically require the following information to be printed on the ballot for every bond election:
The bill is up this afternoon in the House Elections committee.
Bottom Line: Local government debt is one of two obvious macroeconomic catastrophes on the horizon for Texas' economy; ballot transparency is the bare minimum we need to turn it around.
Update: TPPF has released the following statement on HB 738....
“Local governments are drowning in a sea of red ink....Common sense transparency and accountability measures are urgently needed so that today’s taxpayers and tomorrow’s Texans can continue to enjoy the bounties of our state.”