Texas House, Senate agree to divert Rainy Day Fund money for transportation
Texas House and Senate negotiators reached an agreement on Friday to divert an estimated $848 million in oil and gas taxes from the Rainy Day Fund to fund transportation projects, according to a report from our sister site, Better Roads.
Senator Robert Nichols (R-Texas), who authored the measure, said the funds would only be used on non-toll roads and bridges. Additionally, the Legislative Budget Board would be allowed to determine what the Rainy Day Fund balance should be and to cut off transportation money if more is needed for the fund.
The bill requires a two-thirds vote in both chambers and a majority vote from the Texas public to become a constitutional amendment. Texans will be able to vote on the measure in November 2014.