Texas Senate approves highway bonds

| 4/15/2003

The Texas Senate signed off April 9 on a proposed constitutional amendment that would permit the Texas Transportation Commission to issue $5 billion of highway revenue bonds to speed up construction projects.

Under SJR44, written by Sen. Steve Ogden, R-College Station, the state could issue up to $1 billion of highway revenue bonds each year for five years, The Bond Buyer reported. The debt would be backed by the state's highway fund, which comprises federal funds, motor fuel taxes and vehicle registration fees totaling about $10 billion each two-year period.

If the measure gains approval from the House and Gov. Rick Perry, it would go before voters in November.