Proposing a constitutional amendment providing for the creation of and use of money in the Grow Texas fund and allocating certain general revenues to that fund, the economic stabilization fund, and the state highway fund.
The introduction of the Grow Texas fund into the Texas Constitution represents a significant shift in how state resources may be directed, particularly towards fully leveraging the economic benefits of the oil and gas industry. It establishes a sustainable funding source for necessary infrastructure improvements in regions that are economically impacted by oil and gas production. This fund will consist of various revenue streams including federal funding, legislative appropriations, and other contributions, effectively creating a dedicated infrastructure investment vehicle with the possibility of enhancing local economies in Texas.
HJR35 proposes a constitutional amendment to create the Grow Texas fund, which aims to allocate specified general revenues to this new fund, as well as to the existing economic stabilization fund and the state highway fund. The bill outlines a mechanism for transferring funds from the general revenue fund, specifically designating a portion of revenue to be allocated to the Grow Texas fund to support infrastructure in oil and gas producing areas of the state. This initiative appears to be aimed at addressing infrastructure needs arising from the economic activities associated with oil and gas extraction in Texas.
While proponents of HJR35 are likely to argue that this fund will facilitate much-needed infrastructure improvements and promote economic growth in oil-rich regions, opponents may raise concerns about dedicating public funds specifically for the oil and gas industry. Critics could argue that this could detract from broader public needs and favor certain regions at the expense of others. Additionally, the management and allocation of this fund will be overseen by a commission which may raise concerns about accountability and transparency in the appropriation of these significant resources.