Senate panel approves transportation funding bill

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Associated Press

Posted on June 14, 2013 at 3:02 PM

Updated Friday, Jun 14 at 3:05 PM

AUSTIN, Texas (AP) — A push to divert nearly $1 billion a year from the state's reserve fund to pay for Texas roads and bridges is advancing in the Legislature.

The Senate Finance Committee on Friday endorsed a plan to send a portion of oil and gas severance taxes into a new road-building fund. Those taxes are normally sent to the state's Rainy Day reserve fund.

The plan sent to the full Senate would divert the roads money only after the reserve fund hits $6 billion or more. Lawmakers say estimates show the fund will have more than $6 billion for at least several years because of an oil and gas boom.

The full Senate is expected to vote on the plan next week.

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