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2000 SESSION
005744916Be it enacted by the General Assembly of Virginia:
1. That § 2 of Chapter 391 of the Acts of Assembly of 1993, as amended by Chapters 470 and 597 of the Acts of Assembly of 1994 and by Chapters 740 and 761 of the Acts of Assembly of 1998 and by Chapter 538 of the Acts of Assembly of 1999, is amended and reenacted as follows:
§ 2. The Commonwealth Transportation Board is hereby authorized, by and with
the consent of the Governor, to issue, pursuant to the provisions of §§
33.1-267 through 33.1-295, at one time or from time to time, bonds of the Commonwealth to
be designated "Commonwealth of Virginia Transportation Contract Revenue Bonds, Series
.....," in an aggregate principal amount not exceeding $471,200,000
$500,200,000 to finance the cost of the projects plus an amount for the
issuance costs, capitalized interest, reserve funds, and other financing
expenses (the "Bonds"). The proceeds of the Bonds shall be used exclusively
for the purpose of providing funds, with any other available funds, for paying
the costs incurred or to be incurred for construction or funding of the
projects which comprise the Northern Virginia Transportation District Program
as hereinafter defined and as established in Article 5 (§ 33.1-267 et seq.) of
Chapter 3 of Title 33.1, consisting of environmental and engineering studies,
rights-of-way acquisition, improvements to all modes of transportation,
construction and related improvements (the "projects"). Such costs may include
the payment of interest on the Bonds for a period during construction and not
exceeding one year after completion of construction of the projects.
The projects shall be classified as Category 1, Category 2, Category 3, and
Category 4 projects, each category being subject to different preconditions.
Bonds to finance the cost of Category 1 and Category 3 projects may be issued
by the Commonwealth Transportation Board. Bonds to finance the cost of
Category 2 projects may be issued by the Commonwealth Transportation Board only
if the aggregate principal amount of $466,200,000 $495,200,000 in bonds has
been issued to finance the cost of Category 1 and Category 3 projects. Category 4 projects shall not be financed through
the issuance of bonds; however, after all Bonds authorized have been issued, then to the extent the Northern Virginia
Transportation District Fund contains amounts in excess of the amount needed to
pay annual debt service on such Bonds in a particular fiscal year, such excess
amounts may be expended to pay the cost of the work identified as Category 4
projects.
The projects, and the amount of bonds authorized to be issued for each such project, are as follows and constitute the Northern Virginia Transportation District Program:
Category 1 projects Bond amount
Metro Capital Improvements,
including the
Franconia-Springfield
Metrorail Station $ 85,600,000
Fairfax County Parkway $ 87,000,000
Route 234 Bypass $ 73,400,000
Route 7 improvements between
Route 15 and Route 28 in
Loudoun County $ 15,000,000
Total $261,000,000
Category 2 projects consist of the Route 234 Bypass/Route 28 interchange improvements in Prince William County, in the amount of $5,000,000.
Category 3 projects Bond amount
Route 50/Courthouse
Road interchange $10,000,000
Fairfax County Parkway --
Partially-funded segments
between Route 1 and Route 7$50,000,000$57,000,000
Route 234 Bypass from
Route 28 to Route 234 $15,300,000
Route 28/Route 625
interchange$ 7,900,000$11,400,000
Metrorail Capital Improvements
attributable to the
City of Alexandria,
including the King Street
Metrorail station access $ 8,600,000
Metrorail Capital Improvements,
including new
rail car purchases $ 29,300,000
Route 15 Safety Improvements Leesburg Town Line to Potomac River $ 10,100,000 Route 1/Route 123 Interchange $ 8,200,000 Lee Highway Improvements City of Fairfax $ 3,100,000 Route 123 Widening Occoquan River to Lee Chapel Road $ 27,000,000 Dulles Corridor Enhanced Transit Program$ 6,000,000$13,000,000 Route 7 Improvements- Loudoun County Line to Reston Parkway $ 10,000,000 Route 7 Improvements- Reston Parkway to Dulles Toll Road $ 3,000,000 Telegraph Road Improvements- S. Kings Highway to Beulah St. $5,000,00011,000,000 Route 1/Route 234 Interchange$ 4,000,000$9,500,000 Potomac-Rappahannock Transportation Commission Bus Replacement Program $ 1,500,000 Metrorail Capital Improvements attributable to Arlington County, including Ballston Station improvements $ 6,200,000
Total$ 205,200,000$234,200,000
The Commonwealth Transportation Board shall only issue the bonds for Category 3 projects in an amount or amounts necessary to expedite or complete the Category 3 projects if the following conditions are satisfied: (i) at least two of the jurisdictions participating in the Northern Virginia Transportation District Program have entered into a contract pursuant to § 58.1-815.1 and (ii) the governing bodies of at least five of the jurisdictions participating in the Northern Virginia Transportation District Program and comprising a majority of population of the jurisdictions participating in such Program have adopted resolutions endorsing the proposed sale or sales of bonds to support the Category 3 projects. Such contracts and resolutions shall remain in force so long as any debts or obligations for Category 3 projects remain outstanding.
The work identified as Category 4 projects to be funded from the Northern Virginia Transportation District Fund, to the extent there are sums in excess of the amount needed to pay debt service on the Bonds in a given fiscal year, is as follows:
Category 4 projects
Such projects as may be concurred in by the local jurisdictions participating in the Northern Virginia Transportation District Program, as evidenced by resolutions adopted by an affirmative vote of each of the jurisdictions participating in the Northern Virginia Transportation District Program and subject to such guidelines and conditions as may be promulgated by the Commonwealth Transportation Board.
The Bonds shall be issued by the Commonwealth Transportation Board and sold through the Treasury Board, which is hereby designated the sales and paying agent of the Commonwealth Transportation Board with respect to the Bonds. The Treasury Board's duties shall include the approval of the terms and structure of the Bonds. In the event the aggregate principal amount of the issuance, for the projects and amounts authorized by the 1994 amendments to Chapter 391 of the Acts of Assembly of 1993, is less than $127,000,000, the Commonwealth Transportation Board shall cause each Category 1 project to be shared in the reduced issuance by reducing the proceeds of the Bonds for each of the Category 1 projects on a pro rata basis.
2. That if any part of this act or the application thereof to any person or circumstance is held invalid by a court of competent jurisdiction, such holding shall not affect the validity of the remainder of the provisions or applications of the act which can be given effect without the invalid provision or application, and to this end the provisions of this act are severable.