Fri May 31, 2013
Senate Duo Says They Have Answer To Solve Transportation Funding Crisis
Sen. Robert Nichols, R-Jacksonville, said his plan uses a portion of the Rainy Day Fund without actually taking money out of the Rainy Day Fund.
"What it does is once you pass a certain threshold and as the fund approaches filling, which it got pretty close, then it would splinter part of that off for constitutionally dedicating some of that revenue stream to transportation," Nichols said.
Nichols says this will allow the Rainy Day Fund to continue to grow, but not as quickly. Sen. Tommy Williams, R-The Woodlands, helped solidify the financing portion of the plan.
"The proposal is to split the money in the Rainy Day Fund account--the money that flows into that--so that half of it will go into Fund 6, which is constitutionally dedicated to transportation and the state highway fund," Williams said.
Williams said that should provide an additional $1.5 billion for various road projects for the next two years on a pay-as-go process without taking on new debt.
Gov. Rick Perry still needs to add the bill to the special session agenda, and if it passes voters would need to approve the spending measure during the Fall election.