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Texas wants its public funds to invest in roads
Reuters ^ | August 21, 2008 | Reuters

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 ...


TOPICS: Business/Economy; Government; News/Current Events; Politics/Elections; US: Texas
KEYWORDS: 2009; abertis; bonds; carlylegroup; cintra; daviddewhurst; debt; deirdredelisi; fueltax; fundingcrunch; gasolinetax; gastax; ge; generalelectric; goldmansachs; highwayfunding; highways; infrastructure; infrastructurebank; letter; macquarie; moratorium; morganstanley; p3s; ppps; privatefunding; privateinvestment; privatesector; privatization; publicfunds; publicinvestment; rickperry; roads; sb792; shortfall; texas; texasmobilityfund; tolling; tollroads; tolls; tollways; tomcraddick; transportation; tx; txdot; txlegislature
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1 posted on 08/22/2008 10:57:26 AM PDT by Tolerance Sucks Rocks
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To: TxDOT; 1066AD; 185JHP; Abcdefg; Adrastus; Alamo-Girl; antivenom; AprilfromTexas; B4Ranch; B-Chan; ..

Trans-Texas Corridor PING!


2 posted on 08/22/2008 10:58:27 AM PDT by Tolerance Sucks Rocks (Drill Here! Drill Now! Pay Less! Sign the petition at http://www.americansolutions.com/)
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To: Tolerance Sucks Rocks

That sounds like something Albert Speer would design .


3 posted on 08/22/2008 11:05:57 AM PDT by kbennkc (What passes for optimism is most often an intellectual error)
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To: Tolerance Sucks Rocks

“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.


4 posted on 08/22/2008 11:35:48 AM PDT by wolfcreek (I see miles and miles of Texas....let's keep it that way.)
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To: Tolerance Sucks Rocks
Whatever became of those gasoline taxes that were passed to "pay for roads" way back when ( and have been increased since?)

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.

5 posted on 08/22/2008 11:41:32 AM PDT by basil (Support the Second Amendment-buy another gun today!)
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To: basil

Well, you’d get more out of your gasoline taxes if they weren’t squandered on the DPS and the publik skrools.


6 posted on 08/22/2008 11:44:22 AM PDT by Tolerance Sucks Rocks (Drill Here! Drill Now! Pay Less! Sign the petition at http://www.americansolutions.com/)
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To: Tolerance Sucks Rocks

BTTT


7 posted on 08/22/2008 11:46:25 AM PDT by E.G.C. (To read a freeper's FR postings, click on his or her screen name and then "In Forum".)
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To: Tolerance Sucks Rocks

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.


8 posted on 08/22/2008 11:47:39 AM PDT by basil (Support the Second Amendment-buy another gun today!)
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To: wolfcreek
"Is this Barry's idea"

No, but he endorsed it in the primary.

The original legislation began in the Senate last year.

9 posted on 08/22/2008 11:53:56 AM PDT by Ben Ficklin
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To: Tolerance Sucks Rocks
The whole premise behind this is if the lege will restore the DPS money to roads and if the lege will appropriate the money authorized by the voters.

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.

10 posted on 08/22/2008 12:01:45 PM PDT by Ben Ficklin
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To: Ben Ficklin

Whats your opinion?


11 posted on 08/22/2008 12:03:32 PM PDT by wolfcreek (I see miles and miles of Texas....let's keep it that way.)
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To: wolfcreek
I'm sticking with the conservative plan.

Give more authority to the states
Privatize
User fees

12 posted on 08/22/2008 12:07:41 PM PDT by Ben Ficklin
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To: Ben Ficklin

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.


13 posted on 08/22/2008 12:16:17 PM PDT by wolfcreek (I see miles and miles of Texas....let's keep it that way.)
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To: Tolerance Sucks Rocks; basil; Ben Ficklin; All

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


14 posted on 08/22/2008 12:20:30 PM PDT by wolfcreek (I see miles and miles of Texas....let's keep it that way.)
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To: wolfcreek

This is just like many, many other issues. The populists masquerading as conservatives, have handed victory to the democrats.


15 posted on 08/22/2008 12:26:59 PM PDT by Ben Ficklin
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To: Ben Ficklin

If you’re talking about populism as the discourse between the *people* and the Elites, I’m a conservative populist.


16 posted on 08/22/2008 1:15:58 PM PDT by wolfcreek (I see miles and miles of Texas....let's keep it that way.)
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To: wolfcreek

I thought you told me you were a paleo-populist? Thinking about the good old days and the Golden Age of America.


17 posted on 08/22/2008 1:39:33 PM PDT by Ben Ficklin
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To: Tolerance Sucks Rocks

Please put me on this ping list.


18 posted on 08/22/2008 2:02:13 PM PDT by Mercat
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To: Ben Ficklin

For the life of me, I can’t grasp paleo-populism.

Please explain?


19 posted on 08/22/2008 2:09:21 PM PDT by wolfcreek (I see miles and miles of Texas....let's keep it that way.)
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To: wolfcreek

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.


20 posted on 08/22/2008 2:32:22 PM PDT by Ben Ficklin
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