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Texas voters on Tuesday overwhelmingly approved Proposition 1, a constitutional amendment to split half of the oil and natural gas severance tax revenues between the state's economic stabilization fund, AKA the Rainy Day Fund, and the state's highway fund. The Rainy Day Fund now is estimated to be worth a total of about $9 billion. The Texas Oil & Gas Association had supported the amendment (see Daily GPIOct. 16). The approval is expected to give the Texas Department of Transportation up to $1.7 billion in the first year of implementation for highway maintenance and to add capacity. The amount of funding would fluctuate annually depending on oil and gas revenues.

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