Perry’s Failed Texas Prayers Drive Water Borrowing: Muni Credit
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Texas Governor Rick Perry asked residents to pray for rain in 2011 during the worst drought in state history. Now he wants voters to approve spending $2 billion on top of a record borrowing to boost water supplies.
The Republican governor has been urging support for a ballot measure to tap state reserves for water projects. The money would be used to reduce debt costs for as much as $6 billion of unissued bonds that voters passed two years ago.