Texas Water Measure Passes to Help Pay for Infrastructure Works
Bloomberg News reports that on November 5, Texas voters passed a water measure that allows a state enduring drought and supply woes as the population grows to put $2 billion of reserves into a fund to help pay for reservoirs and related public infrastructure works.
Governor Rick Perry had endorsed Proposition 6, which also won the backing of environmental groups and business organizations. Voters approved the referendum by a 73-27 percent margin to transfer state savings from “rainy day” reserves to a water infrastructure fund that would allow public authorities to finance projects with low-cost loans including pipeline upgrades without raising taxes.
“Today, the people of Texas made history, ensuring we’ll have the water we need to grow and thrive for the next five decades without raising state taxes,” Perry said in a statement last night. “Now it’s time to get to work on the projects that’ll help us meet our growing water needs.”
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