Austin, TX
Texas lawmakers hear HB 3899 testimony that could derail Project Connect
Texas lawmakers hear HB 3899 testimony that might derail Venture Join
Home Invoice 3899 would require an election earlier than an area authorities company borrows a big sum of money.
AUSTIN, Texas – Texas lawmakers are contemplating laws that might derail Venture Join, the multi-billion greenback mass transit plan for rail and bus companies in Austin.
The Home Pensions, Investments, and Monetary Providers Committee heard testimony on Home Invoice 3899, filed by Rep. Ellen Troxclair, from Austin.
HB 3899 would require an election earlier than an area authorities company borrows a big sum of money.
In 2020, Austin voters overwhelmingly authorized a property tax improve to fund Venture Join, which is being constructed by the Austin Transit Partnership, an area authorities company.
Supporters of the invoice say Austin leaders misled voters about Venture Join, and voters ought to have a voice relating to bond debt. Opponents say voters should not need to approve an infrastructure undertaking twice, and the invoice might put different infrastructure tasks round Texas in jeopardy.
“No matter this undertaking, no matter the place you might be on rail, or any of those different issues, what I would like is consistency in our state legislation with regards to taxation and bonds,” mentioned Troxclair.
“They voted for a income stream that will be devoted for the long-term for each upkeep and obligation and a number of bond issuances,” mentioned Patrick Rose, who’s in opposition to HB 3899. “Think about the chilling impact on native governmental firms throughout the state funding all types of modes of transportation if we required this.”
Since voter approval, inflation has brought on the worth tag of Venture Join to extend about $4 billion.