SAN ANTONIO – Proposition Three:
"The constitutional amendment providing for the issuance of general obligation bonds of the State of Texas to finance educational loans to students."
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What that means:
The Hinson-Hazlewood student loan program would continue. The low-interest program would not cost the state because the loans are paid back by students. Since 1965, this issue has been required to go before voters every four to six years. This proposition would keep it from going back to voters as long as the aggregate amount did not exceed the amount approved by voters. So far, the HH loan program has provided $1.86 billion to students.
Opponents argue it adds to the state's long-term debt. They also say voters and the Legislature should have oversight over new state bonds periodically.
Proposition 4:
"The constitutional amendment authorizing the legislature to permit a county to issue bonds or notes to finance the development or redevelopment of an unproductive, underdeveloped or blighted area and to pledge for repayment of the bonds or notes increases in ad valorem taxes imposed by the county on property in the area. The amendment does not provide authority for increasing ad valorem tax rates."
What that means:
Counties would be allowed to issue bonds for things like transportation projects and other improvements. Cities already have that authority. The amendment would expand the use of reinvestment zones, allowing local governments to use resources without raising taxes.
Opponents say it's a questionable use of property taxes. They suggest it could raise property appraisals in reinvestment zones. They are also concerned it could divert funds from other needs to cover those projects.
You can see a detailed breakdown of the amendments here.