AUSTIN – The Texas Public Policy Foundation’s (TPPF) Center for Local Governance Director James Quintero testified today before the House Committee on Investments and Financial Services on Senate Bill 310, a bill to bring transparency and accountability to the process of issuing certificates of obligation or non-voter approved debt.
“Local government debt in Texas has reached alarming proportions,” said Quintero. “As of fiscal year 2014, total local debt in Texas exceeded $333 billion, meaning that every man, woman, and child in the State owes on the order of $12,500 for local liabilities.”
“A contributing factor in the overall growth of Texas local debt burden has been the use, or rather misuse, of non-voter approved debt instruments like certificates of obligation. Local governments have come to rely heavily on these types of policy tools necessitating stronger transparency and accountability reforms.”
To schedule an interview with Mr. Quintero, please contact Caroline Espinosa at [email protected] or 512-472-2700.
James Quintero is director of the Center for Local Governance at the Texas Public Policy Foundation.
The Texas Public Policy Foundation is a non-profit, free-market research institute based in Austin, Texas.