DALLAS – With the Texas Legislature considering bills that would invest about half of the nearly $12 billion rainy day fund into bond programs for water and transportation, Gov. Rick Perry urged caution on how the fund should be used.

After earlier indications of support for the water and infrastructure investments, Perry this week proposed using $1.6 billion of the rainy day fund for tax breaks for businesses and suggested that lawmakers leave about $7 billion in the fund to handle emergencies and preserve the state’s credit rating.

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