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TX bond agreement reached
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CarGuru > Driving > TX bond agreement reached 27 April 2005 20:52:32
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TX bond agreement reached

HoustonFreeways 27 April 2005 20:52:32
 An agreement has been reached to sell the first $1 billion in bonds that are
backed by the Texas Mobility Fund, which is financed by traffic fines. This
is Texas, so most or all of the money will go to toll road construction. An
additional $3.3 billion in bonds is expected to be sold over the next few
years.

In order to settle the dispute, it looks like $250 million will be diverted
to education this year. The agreement supposedly dedicates all revenue to
the bond repayment starting in 2007.


http://www.statesma­n.com/metrostate/con­tent/auto/epaper/edi­tions/wednesday/metr­o_state_24f6a32813e3­70f80053.html


Bond pact yields road, school money
Transportation agency to get billions for toll plan; schools to get millions

By Ben Wear

AMERICAN-STATESMAN STAFF

Wednesday, April 27, 2005

Lt. Gov. David Dewhurst and the Texas Department of Transportation settled
their differences Tuesday over the Texas Mobility Fund, allowing the agency
to proceed with a billion-dollar bond sale for toll roads and leaving an
extra $250 million for schools in the next state budget.

The compromise, announced Tuesday afternoon by Dewhurst's office, is likely
to appear in House Bill 3, the property tax and school finance bill passed
by the House and pending in the Senate

Dewhurst and Texas Comptroller Carole Keeton Strayhorn, acting through
proxies on the Texas Bond Review Board, had held up the bond sale on March
17. Gov. Rick Perry's proxy would have supported the bond sale had it come
up for a vote that day.

The delay caused what Transportation Department officials regarded as more
than a hiccup in their ambitious road-building schedule, and the agency sent
out a March 18 memo from its executive director indicating that road
projects all over the state would have to be put off.

That broadside, reportedly composed at the behest of Texas Transportation
Commission Chairman Ric Williamson, who said he helped write it, didn't sit
well with Dewhurst and the Senate. Some said the agency, using cash on hand
and other borrowing authority, easily could have proceeded on schedule while
the $1 billion in bonds for the Texas Mobility Fund remained in limbo.

In late March, Dewhurst said he would like to delay for two years
transferring income from two automotive fees to the mobility fund, instead
leaving about $300 million in the state's general fund to help increase
education spending. The Senate, even as it joins with the House in cutting
school property taxes more than 25 percent, is looking for about $3 billion
to pay for raises for teachers and other increased public education costs.

Dewhurst's office at the time said that would still leave the Transportation
Department enough steady income for the mobility fund to borrow $1 billion
now and another $1 billion next year. Then, in theory, with the two fees
presumably restored to transportation by the next Legislature (although this
might require a new law), the agency could issue $2.3 billion in bonds in
fiscal 2007 and fiscal 2008.

The agency intends to use the borrowed money, combined with some gas tax
money, to build toll roads. The Central Texas area has been promised $161
million out of the mobility fund to help build five more toll roads in
Austin.

After a three-week standoff, which Perry's office helped end in a sort of
matchmaking role, Dewhurst met Monday with Transportation Commissioner
Robert Nichols, and their staff members followed with detailed talks
Tuesday.

The lieutenant governor agreed to allow one of those two fees to go to the
mobility fund a year from now, generating an extra $50 million for the fund.
And Dewhurst's office agreed that the bond review board will authorize the
entire $4 billion of eventual borrowing and commit all the fees to repayment
of the bonds beginning in fiscal 2007, in effect preventing the next
Legislature from once again taking the fee revenue for other needs.

"I'm pleased that TxDOT was able to work with us to develop a proposal that
will build more highways, reduce congestion on our roads and increase public
safety, while ensuring that our schools receive the money they need,"
Dewhurst said in a statement.


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CarGuru > Driving > TX bond agreement reached 27 April 2005 20:52:32
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