The Rainy Day Fund. What is it?

On September 12, 2011, Claire Cardona posts an article on the Texas Tribune titled, "Can Texas Use the Rainy Day Fund to Fight Wildfires?"  This article is basically about a fund that has been saved up for cases such as wildfires, natural disasters, etc. that would be substantial enough to cover the damages that would have been done such as the loss of homes and expensive household items that may have been destroyed.  Many believe that this fund is being wasted away or "stored" for no good reason and that there are better uses the money could go to.  Gov. Rick Perry however disagrees.  In early 2011, Gov. Perry has "led the fight to prevent the state's Rainy Day Fund from being used to help fill the state's enormous budget shortfall for the 2012-13 biennium."  After seeing large disasters and aftermaths such as the earthquake/tsunami that devasted Japan in March, Gov. Perry believes that it is a type of "insurance policy against major natural disasters" and should therefore be kept safe.  To do this however, you would need an agreement upon the Texas Legislature by a two-thirds majority of the state House and Senate during a legislative session.  Since the 82nd session was already closed on May 31, 2011, the next session won't be until 2013 until something could be done.  This would be a substantial case to not take likely, considering that it is "estimated to contain $6.4billion dollars by August 2013."