Prop 1- PASSED Nov 8, 2005

Prop 1- PASSED Nov 8, 2005 - Prop 1 passed on November 8. We need to be alert and watching the Legislature for selling bonds to subsidize profitable private rail companies at our expense. The Prop 1 rail fund was the same voter trick as Prop 15 from 2001, except this time it’s about the public subsidizing rail.__Prop 1 allows an open ended corporate subsidy. Taxpayers will pay unlimited tax dollars to move private corporation rail lines into the Trans Texas Corridor after Gov. Perry promised no public funds would be used.__The state DEBT commitment would also be open-ended, with no limit on the amount of state bonds that could be issued from this new fund. By amending the Constitution to authorize the creation of this fund, the state will commit itself to massive debt for generations. Private corporations will profit from this taxpayer giveaway that help the controversial Trans Texas Corridor move forward. See TxDOT’s own admission that their rail plan includes the Trans Texas Corridor (see page 3 of actual document, page 7 of PDF).The railroad industry no longer is state-regulated, and state government should not involve itself in that industry’s investment decisions.__The ballot language does not advise the voter of the that it’s a special interest fund that the taxpayer pays for and private corporations profit from. It is a blank check and unlimited debt. We’ll be monitoring this in the Legislature!