Proposition 2 allows the Texas Water Development Board to issue additional general obligation bonds in order to ensure proper water planning for the future of the state.

The Board's bonding capacity is currently not at a level to meet local government's water needs, therefore this would allow local governments the ability to upgrade their infrastructure to meet the additional demands on their water system.

You can find more information here: http://www.lrl.state.tx.us/legis/billsearch/amendmentdetails.cfm?legSession=82-0&billtypeDetail=SJR&billNumberDetail=4&amendmentID=653