Posted on 08/22/2008 10:57:25 AM PDT by Tolerance Sucks Rocks
NEW YORK (Reuters) - Public investment funds based in Texas could invest directly in transportation projects through a new corporation under a plan unveiled on Thursday by the state's legislative leaders and the governor.
Texas has the nation's biggest road privatization plan but the legislature, reacting to criticisms that developers were enriching themselves at the expense of taxpayers, enacted a two-year moratorium.
That has crimped road-building projects and led to a series of clashes between the governor and the legislature, who now have agreed on a compromise plan. Developers, including overseas companies, investment banks and private equity funds all vie for such public-private partnerships, which can prove more rewarding than often-volatile equities, for example.
Lt. Gov David Dewhurst, who sets the Senate's agenda, House Speaker Tom Craddick, and Gov. Rick Perry released this new financing plan in an August 19 letter to Texas Transportation Commission Chairman, Deirdre Delisi.
The three Republican politicians also proposed big bond sales as solutions to the road-funding problem, starting with the sale of as much as $1.5 billion of highway bonds as soon as September.
Voters have approved that debt sale, and as much as $5 billion of additional road bonds. Perry and the legislators pledged to approve the laws needed to sell that debt.
A spokeswoman for the governor was not immediately available to offer more details about the plan, which also called for returning gas tax revenues to road building instead of using the money to fund the Department of Public Safety. That department would instead be funded with general revenue.
(Excerpt) Read more at reuters.com ...
Trans-Texas Corridor PING!
That sounds like something Albert Speer would design .
“Some states and cities, including New York City, instead want the federal government to create an infrastructure bank. Under one Congressional bill, this bank could sell $60 billion of bonds, and offer grants and loans.”
Is this Barry’s idea?
I don’t know if this is the way to procead but, we do need to address our infrastructure needs at some point.
Seem to me that about all an elected official is good for is to figure out new ways to gouge people.
We end up paying several taxes that have been imposed, and they were all at one time, supposed to pay for roads and infrastructure.
Well, you’d get more out of your gasoline taxes if they weren’t squandered on the DPS and the publik skrools.
BTTT
I know—but—when those gas taxes were passed, the money was supposed to be earmarked for roads. Somehow, it ended up in the general fund. I don’t remember how that was authorized.
No, but he endorsed it in the primary.
The original legislation began in the Senate last year.
And then, if they want the state retirement funds invested in the roads, they will have to compete with China and Oklahoma for that money.
Whats your opinion?
Give more authority to the states
Privatize
User fees
Sounds like states, counties and cities would be borrowing from this *bank*, giving the money to private businesses and charging user fees.
If this *bank* is anything like the *Fed*, I wouldn’t be for it. Enough folks are hung by their balls these days.
Look how much would be coming out of the General fund. No wonder we have nothing left for roads.
http://www.txdps.state.tx.us/director_staff/accounting/OperatingBudget2008.pdf
This is just like many, many other issues. The populists masquerading as conservatives, have handed victory to the democrats.
If you’re talking about populism as the discourse between the *people* and the Elites, I’m a conservative populist.
I thought you told me you were a paleo-populist? Thinking about the good old days and the Golden Age of America.
Please put me on this ping list.
For the life of me, I can’t grasp paleo-populism.
Please explain?
Explain? A while back you linked me to one of your bizzaro websites. At that website, I noticed the term paleo-populist and pointed it out to you. You told me were one.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.