At the Senate Transportation Hearing on PPPs...
TxDOT actually admitted it violated the Texas Constitution when it became the guarantor for a North Texas Tollway Authority loan. The Constitution prohibits the highway fund from being used to guarantee loans, but it did so anyway. ALL Texas taxpayers are on the hook to the tune of $8 billion in gas taxes over the next 36 years!
Lawmakers didn't bat an eyelash and called it a "letter of credit" and "contingent liability" (terms lawmakers feel are more palatable when a state agency breaks the law) and ultimately expressed that the ends justified the means since it allowed toll projects (one to benefit the Dallas Cowboys) to move forward.
No comments:
Post a Comment