It will take Texas 20 years to pay off $23 billion in debt accrued in an attempt to rebuild roads and bridges.
Lawmakers in the state are now pushing for the passage of Proposition 1, which would amend the Texas constitution to allow part of oil and gas revenue to be spent on transportation projects. Voters will decide the fate of Proposition 1 on the Nov. 4 ballot. If approved, $1.7 billion will be available for infrastructure improvements during the first year.
If the amendment does not pass, the Texas DOT will not be able to borrow any more money, delaying projects for years.
Money from oil and gas production currently goes in a rainy-day fund, and by next year the account is expected to reach $8.4 billion.
“We’re saying to the public, we have so much of your money sitting in a savings account,” said state Rep. Joe Pickett. “We want your permission to split it—half for transportation and half for the rainy day fund.”
