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Lawmakers reach deal on transportation funding

Published On: Jul 26 2013 09:28:33 PM CDT
Texas Legislature

CNN

AUSTIN, Texas -

(AP) Texas lawmakers have reached a deal to increase funding for roads and bridges - if voters approve a constitutional amendment in November 2014.

Republican Sen. Robert Nichols said negotiators from the House and Senate hammered out the agreement Friday and only needed to fix a few details.

Legislators agreed to a proposed constitutional amendment that would divert about $848 million in oil and gas revenues away from the state's Rainy Day Fund.

An accompanying law would set a minimum balance for the fund until the Legislative Budget Board takes control of it.

Nichols said the money would only be spent on non-toll roads and bridges and could not be spent to pay off debt.

The House and Senate are scheduled to meet again Monday to give final approval.