By Carolyn Kramer, manager, Transportation Investment Advocacy Center
Louisiana residents approved one transportation funding measure and defeated another during the statewide election held Oct. 24.
Constitutional Amendment 2, passed by voters 53 percent to 47 percent, authorizes the state treasurer to invest existing public funds into a newly-created state infrastructure bank solely for use on low-interest loans for local transportation projects. Lawmakers hope this measure will provide local governments with quicker and more affordable financing to improve roads and bridges.
(A similar measure was defeated by voters in November 2014. Read the Transportation Investment Advocacy Center’s in-depth case study)
Also on the Oct. 24 ballot, voters defeated a measure that would have generated $500 million per year for transportation funding. Constitutional Amendment 1, which lost 47 percent to 53 percent, would have distributed a portion of the state’s mineral revenues for roads and bridges.
A legislatively-commissioned report released Aug. 5 found that funding for Louisiana’s Transportation Trust Fund (TFF) is not keeping pace with the growing needs the of state’s highways, and an estimated $12 billion in additional revenue is required in order to provide necessary maintenance and modernization for transportation infrastructure.