TITLE

Texas Senate OKs $5B of DOT Bonds

AUTHOR(S)
Albanese, Elizabeth
PUB. DATE
April 2003
SOURCE
Bond Buyer;4/11/2003, Vol. 344 Issue 31613, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The Texas Senate consented to a proposed constitutional amendment that would allow the Texas Department of Transportation to issue 5 billion dollars of highway revenue bonds over a five-year period to speed up the construction of projects. Senators also approved a second amendment to allow Texas Dept. of Transportation to borrow in the range of 1 billion dollar to 17 billion dollar from the Permanent School Fund to finance the purchase of right of way for highway projects. If approved by voters, this constitutional amendment will lead to the creation of jobs, measurably improve the state's economy, and save lives. However, state officials are beginning to look more favorably upon the idea of highway bonds after the sale of 2.2 billion dollar of multi-tiered toll revenue bonds by the Texas Turnpike Authority, an arm of Texas Department of Transportation.
ACCESSION #
9611065

 

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