Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from the line of Richard Wesolowski of Sidoti & Company.
Richard Wesolowski
Thanks, good morning.
Joe Harper
Good morning Rich.
Richard Wesolowski
Do you guys, have any even rough estimates about how much of your backlog is now from TxDOT, from NDOT and from Texas municipal work?
Joe Harper
If we include the tollroad activity which is highway work, virtually the same as TxDOT, it's a little over two-thirds.
Richard Wesolowski
Two-thirds TxDOT?
Joe Harper
Right.
Richard Wesolowski
Okay.
Joe Harper
I would say two third highway and that were we are in count slow move operations.
Richard Wesolowski
Right. And the highway work can you're not seeing a lot more competition on. I suspect those are the bigger jobs. But you are seeing more competition for smaller and municipal?
Joe Harper
Yeah. That’s correct.
Richard Wesolowski
Okay. Good news on the $1 billion Proposition funding that you mentioned, but there was also a $5 billion measure that the legislature was set to consider in January. Is that still the case?
Joe Harper
Yes. Consider it is -- the legislature begins in January of '09 and they are still considering that.
James Allen
We have seen early estimates, Rich, of 2010 and '11 numbers that do include sales from that bond referendum passing.
Richard Wesolowski
Whose estimates are those? Is that a private company or is that the government?
James Allen
That’s TxDOT and in appeared be $5 billion for those two year including net 5 billion of bunch. The more important on the public private partnership expires on 2009 some mistaken to the current environment includes some of those chance going forward that can be possibility.
Joe Harper
I don’t -- I am not sure where we have the clear insight to where to that, Rich, I mean, the tollroad authority in Dallas recently sold just short of 0.5 billion of bond for pricing lend from 6% versus 5 and 58 on the other most recent issuance of bonds. So obviously there is a cost impact that the market is acceptable pretty regularly. We haven't seen or heard of a municipal sale being cancel down here which I have not saw, I think as I am clear, obviously it’s a lot more difficult.
Richard Wesolowski
Okay. And then finally you discuss the s strategy of hedging fuel cost and as discussed previously locking in forward to your prices a little bit larger and larger tail jobs?
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