Texas lawmakers agree to tap Rainy Day Fund for transportation
Texas’ House and Senate reached an agreement on Friday to increase road and bridge funding in the state, according to a report from The News & Observer and the Associated Press.
Senator Robert Nichols (R-Texas) authored the measure that would divert an estimated $848 million in oil and gas taxes from the state’s Rainy Day Fund to transportation dollars. The bill would also place the Legislative Budget Board in control of the Rainy Day Fund, allowing the board to determine what the balance should be and allowing it to cut off transportation funding if more money is needed for the fund.
Nichols said the money would only be used on non-toll roads and bridges.
The measure needs a two-thirds vote in both the House and Senate and a majority vote from Texas citizens before it can become a constitutional amendment. The bill is slated to go to voters in November 2014.
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