Texas Lawmakers Reach Deal on Highway FundingFeatured Stories, News Friday, July 26th, 2013
AUSTIN, Texas (AP) _ Texas lawmakers have reached a deal to increase funding for roads and bridges _ if voters approve a constitutional amendment in November 2014.
Republican Sen. Robert Nichols said negotiators from the House and Senate hammered out the agreement Friday and only needed to fix a few details.
Legislators agreed to a proposed constitutional amendment that would divert about $848 million in oil and gas revenues away from the state’s Rainy Day Fund. An accompanying law would set a minimum balance for the fund until the Legislative Budget Board takes control of it.
Nichols said the money would only be spent on non-toll roads and bridges and could not be spent to pay off debt.
The House and Senate are scheduled to meet again Monday to give final approval.
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