Constitutional amendment, dedicated to transportation funding
ROUND ROCK, Texas- The Round Rock Chamber of Commerce & Economic Development Partnership announced its support for the Texas Transportation Funding Amendment Proposition 1 (Prop 1) today. Prop 1 directs a portion of oil and gas production taxes to the State Highway Fund (Fund 6). The amendment will appear on the November 4, 2014 general election ballot.
“As Round Rock continues to be one of the fastest growing cities in not only Texas, but the entire country, transportation congestion remains a top issue for our investors,” Board Chair Bryant Smith said. “At the Chamber, we are maintaining our focus on solutions that improve Round Rock’s economy, community, and overall quality of life, and the passing of Prop 1 is an important step in improving transportation both regionally and statewide.”
Prop 1 transfers one-half of annual oil and gas production taxes from the Economic Stabilization Fund, also known as the rainy day fund, to Fund 6. The funds must be dedicated to the constructing, maintaining, and acquiring rights-of-way for public roadways (excluding toll roads). The Chamber’s Board of Directors voted in support of the amendment due to its creation of a dedicated funding source for transportation projects, while preserving a sufficient rainy day fund balance and strong state credit rating.
“While Prop 1 does not completely solve our state’s transportation ills, it is an aggressive step in the right direction,” said Mike Odom, the Chamber’s President and CEO. “Based on projections, this amendment will provide a steady source of dollars for the foreseeable future, and we strongly support its passage.”
About the Round Rock Chamber of Commerce & Economic Development Partnership
The Round Rock Chamber of Commerce & Economic Development Partnership is one of the largest and most active business organizations in Central Texas. Its approximately 1,000 investors collectively employ more than 25,000 people in the area. It is also the region’s only accredited chamber by the U.S. Chamber of Commerce. For more information, visit www.roundrockchamber.org.