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September 15, 2014
Texas has racked up $23 billion in road debt and will spend an estimated $31 billion retiring it over two decades, lawmakers said.
That financial burden is a big reason why elected leaders and transportation advocates are pushing for Proposition 1, an amendment to the Texas Constitution that would allow part of Texas’ oil and gas revenue to be spent on road and bridge projects. If Texas voters approve the amendment Nov. 4, roughly $1.7 billion will be available for road work in the first year, transportation officials said.
After that, the amount will vary annually depending on oil and gas production. Typically, $1.2 billion in revenue can be expected annually.
Without passage of Proposition 1, the state will likely have to postpone new road projects, possibly for several years, official said. Texas cannot borrow any more bond money for transportation…