Vote NO On Prop 3

Early voting has started on the 10 proposals to be included as amendments to the Texas Constitution.


Proposition 3:  The constitutional amendment providing for the issuance of general obligation bonds of the State of Texas to finance educational loans to students.

     We need to vote no on Proposition 3. Supporters of this proposition argue that the state’s ability to issue student loans will cease. This is not true. The state will be allowed new bonds but Texas voters must approve each general obligation bond request first. Under the Hinson- Hazlewood College Student Loan Program, the state of Texas regularly issues bonds to raise funds for loans to college students. Presently, every 4-6 years the public gets to vote on whether or not the constitution will be amended in order to issue new bonds when the demand increases for student loans. So far, voters have approved a total of $1.86 billion in bonds for this program over the years. No one would disagree that it’s important for the state to invest in college education. Texas subsidizes the student loans, and of course, the students loans are payed off by the students.

    It is expected that the last $275.5 million of unissued bonds will be used up by the end of 2013. When this happens Texas voters must again approve the new general obligation bond request.  Proposition 3 would allow the state to issue new bonds without further voter approval to replace older bonds. This would take the right to vote on this matter out of the hands of the public, and the issuance of new student loan bonds would be set on autopilot to renew whenever the state sees fit. We are in an economic crisis right now because of excessive government spending. Government spending should be under closer scrutiny. We cannot vote yes on proposition 3.