There Have Been Several Calls to Revamp the Texas Constitution

question 25

Essay

There have been several calls to revamp the Texas Constitution. What has been the rationale for significant changes to the Texas Constitution? Describe the attempt in the mid-1970s to change it. Why did the attempt fail?

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Definitions:

Noncash Expense

Expenses that do not directly result in a physical outflow of cash but are recorded in the accounting records, such as depreciation.

Depreciation

The methodical distribution of the expense of a physical asset across its lifespan.

Plant Assets

Tangible assets used in a company's operations that have a useful life of more than one year.

Notes Payable

A written agreement to pay a specified amount, usually including interest, by a certain date.