|For Immediate Release||October 2, 2015|
I-49 South Coalition Supports Constitutional Amendments No. 1 and No. 2
The I-49 South Coalition supports adoption of Constitutional Amendments No. 1 and No. 2 in order to create greater funding options and flexibility for transportation infrastructure projects.
David Mann, Chairman of the I-49 South Coalition, said, “Given our state’s nearly $12 billion backlog in infrastructure projects, it is critical we take a look at innovative ways to fund existing and new infrastructure projects. These amendments offer sound policy options at a time when additional funding is desperately needed.”
On October 24, 2015, Louisiana’s voters will be given the opportunity to advance the state’s aging transportation infrastructure. The I-49 South Coalition encourages voters to vote ‘YES’ on Amendments No. 1 and No. 2.
If adopted, Amendment No. 1 (Act No. 473) would:
- Rename the current Budget Stabilization Fund, “rainy day fund”, as the Budget and Transportation Stabilization Fund with two sub-funds for the budget and transportation
- Direct excess state mineral revenues to the stabilization sub-funds for budget and transportation
- Establish a $500 million cap for each stabilization sub-fund (effectively removing the 4 percent cap on the current Budget Stabilization Fund)
- Direct the Transportation Stabilization sub-fund to be used only for transportation improvement projects
Doug Place, CAO of Dupre Logistics, LLC and I-49 South Coalition board member, commented, “Thousands of Louisiana businesses rely on adequate infrastructure to conduct their daily operations. These amendments will allow our community to make strategic and lasting investments in our highways.”
If adopted, Amendment No. 2 (Act No. 471) would:
- Authorize the state treasurer to invest existing, idle state funds into the Louisiana State Transportation Infrastructure Bank created in 2015.
Kam Movassaghi, former Secretary of the Louisiana Department of Transportation and Development stated, “As an active member of the Louisiana Good Roads and Transportation Association, I am pleased to see the I-49 South Coalition taking a strong stance in support of Amendments No. 1 and No. 2. We need all groups concerned about Louisiana’s economy and safety to come together to support these initiatives.”
Click here to learn more about these proposed amendments.