Texas board U-turns, approves $4 billion bond

| 5/9/2005

A Texas bond – that almost wasn’t –is once again a reality, after a state board unanimously approved the $4 billion for use on highway construction within the state.

On May 5, the Texas Bond Review Board OK’d the money, which will help fund dozens of new and existing construction projects across the state, according to the San Antonio Express-News. Many of the projects were put on hold in March, when the board declined to vote on an earlier bond request of $1 billion by the Department of Transportation.

The surprising turnaround came after the members of the board – which includes the governor, the lieutenant governor and the comptroller – agreed that the new proposal would help fund roads without taking budget money away from education programs and the state’s school system, the Express-News reported.

The bond is part of the Texas Mobility Fund, which state voters approved in 2001 as a constitutional amendment. The fund gives the state quick access to money for important, short-notice construction projects, according to the Express-News.