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Proposing a constitutional amendment providing for the issuance of general obligation bonds by the Texas Public Finance Authority to fund research, treatment, and access to services in this state for behavioral health, mental health, and substance use and addiction issues.
HJR 5 proposes a constitutional amendment that would authorize The Texas Public Finance Authority to issue up to $3 billion in general obligation bonds to fund research for behavioral health related issues, substance use and addiction issues, health and mental health issues, and to address the shortage of mental health professionals in this state.
Texas Action opposes HJR 5 based on the expansion of long term state debt service obligations. We believe that a pay-as-you-go method of financing is far more preferable to financing based off debt. A pay-as-you-go system means there is not a risk of default, and there are no debt service obligations. Taking on massive new debt is inherently risky, particularly at a time when Texas faces a massive and growing local debt crisis.