Since the Texas Constitution generally prohibits the state from going into debt, how is the state able to borrow money through general obligation bonds?
A) Such bonds do not technically create indebtedness since the state uses taxes to repay them.
B) Such bonds are established through amending the Texas Constitution.
C) Such bonds are repaid within the biennial budget period.
D) Technically, such bonds are for borrowing goods and services—not money.
E) Such bonds are permissible because their amounts are negligible.
Answer: B
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