Texas Insider Report: AUSTIN Texas Today the Texas Senate approved Sen. Robert Nichols (R-Jacksonville) resolution for a constitutional amendment to dedicate 50 percent of all oil and gas severance taxes currently transferred to the Economic Stabilization Fund (ESF) to the state highway fund.
We are facing a serious crisis in transportation said Nichols. Our states population is increasing exponentially; our system is aging; traffic continues to rise; and funding for congestion relief will be at a 10 year low in a short two years. The state is also paying millions of dollars a year in debt service for transportation related debt. SJR 2 will go a long way in helping to resolve these problems.
According to estimates from the comptrollers office SJR 2 could deposit as much as $850 million a year into the state highway fund. The resolution stipulates that the funds could only be used for constructing maintaining and acquiring rights-of-way for public roadways. However it is also careful to ensure a healthy balance is left in the ESF before transportation dollars are ever removed from the funding stream.
Because SJR 2 is a constitutional amendment it must pass each chamber with a two-thirds majority. If successful citizens will then see it on the ballot this November.
I am thankful for Governor Perry asking us to address this critical issue said Nichols. Our states economy and much more depends upon having a safe and reliable road system.
Nichols a former Texas transportation commissioner currently serves as chairman of the Senate Transportation Committee. He has been working on Texas transportation issues in various capacities since 1997.
Texas Insider Report: AUSTIN Texas Today the Texas Senate approved Sen. Robert Nichols (R-Jacksonville) resolution for a constitutional amendment to dedicate 50 percent of all oil and gas severance taxes currently transferred to the Economic Stabilization Fund (ESF) to the state highway fund.
We are facing a serious crisis in transportation said Nichols. Our states population is increasing exponentially; our system is aging; traffic continues to rise; and funding for congestion relief will be at a 10 year low in a short two years. The state is also paying millions of dollars a year in debt service for transportation related debt. SJR 2 will go a long way in helping to resolve these problems.
According to estimates from the comptrollers office SJR 2 could deposit as much as $850 million a year into the state highway fund. The resolution stipulates that the funds could only be used for constructing maintaining and acquiring rights-of-way for public roadways. However it is also careful to ensure a healthy balance is left in the ESF before transportation dollars are ever removed from the funding stream.
Because SJR 2 is a constitutional amendment it must pass each chamber with a two-thirds majority. If successful citizens will then see it on the ballot this November.
I am thankful for Governor Perry asking us to address this critical issue said Nichols. Our states economy and much more depends upon having a safe and reliable road system.
Nichols a former Texas transportation commissioner currently serves as chairman of the Senate Transportation Committee. He has been working on Texas transportation issues in various capacities since 1997.
