Texas Transportation OKs sale of more than $1.8 billion in bonds

By Cristal Cody

Tupelo, Miss., Oct. 30 - The Texas Transportation Commission approved plans Thursday to sell more than $1.8 billion in proposition 14 highway bonds to support new construction projects through 2011, according to a news release from the commission.

The action resulted from a special meeting held in August after the commission received a letter from the state's leaders, including Texas governor Rick Perry, urging them to issue the bonds.

Texas voters approved the proposition 14 program in 2003, and the commission has sold $3.1 billion in bonds to date.

The program authorizes the Texas Department of Transportation to borrow money on a short-term basis to improve cash flow and cash management and to sell general obligation bonds.

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