Lawmakers reach deal on transportation funding

POSTED: 9:28 PM Jul 26 2013
Texas Legislature
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.