Texas REALTORS® endorse Proposition 2 on the November Ballot

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Texas’ most influential association says lower-cost funding for water infrastructure is a win-win

FOR IMMEDIATE RELEASE—
CONTACT: Stacy Armijo - Pierpont Communications, 512-448-4950

Oct 07 2011 — AUSTIN

Today, the Texas Association of REALTORS® officially announced its endorsement of Proposition 2, on which Texans will vote in the general election on November 8, 2011.

Dwight Hale, chairman of the Texas Association of REALTORS®, explained, “The state’s tremendous growth has created a dire need to repair and expand aging water systems. With our state’s population forecasted to double over the next 50 years, providing a clean, reliable source of affordable water to accommodate this growth is the foremost issue facing our state over that timeframe.”

The proposition would expand funding programs offered by the Texas Water Development Board (TWDB) and utilize the state’s AAA bond rating to give local communities access to a lower-cost financing option for water and wastewater infrastructure improvement projects.

Proposition 2 authorizes the TWDB to issue additional general obligation bonds in an amount not to exceed $6 billion outstanding at any time for water-related projects. As currently set, the Texas Water Development Board’s bonding authority will exhaust itself within in the next two years.

Chairman Hale continued, “Unfortunately, there is some confusion about the impact and costs of this proposition. What you should know is that this is a win-win for all involved. It provides much-needed resources for water infrastructure improvements in a way that saves money at no cost to taxpayers.”

The bonding authority granted by Proposition 2 is designed to be self-supporting, meaning that the bonds issued are repaid by the debt service of the borrowers, and, therefore, do not count against the state’s constitutional debt limit. In addition, the proposition saves taxpayers money because it expands the state’s ability to provide lower-cost financing to local communities by utilizing the states better bond rating.

An adequate supply of clean, affordable water is critical for the long-term viability of the Texas economy. Water is essential to the success of the state’s manufacturing, oil and gas and other major economic sectors, making water a vital component of job creation and economic development.

Chairman Hale concluded, “As our state continues to grow, water and wastewater improvement projects are necessary and inevitable. Proposition 2 will help ensure we meet those needs in a proactive, responsible manner to protect the public health, water quality and economic viability of Texas for years to come.”

The Texas Association of REALTORS® joins a broad-based coalition in support of Proposition 2. For more information, visit Texans4Prop2.com.


About the Texas Association of REALTORS®

With more than 110,000 members, the Texas Association of REALTORS® is a professional membership organization that represents all aspects of real estate in Texas. We advocate on behalf of Texas REALTORS® and private-property owners to keep homeownership affordable, protect private-property rights, and promote public policies that benefit homeowners. Visit texasrealestate.com to learn more.

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