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2000 SESSION

005744916
HOUSE BILL NO. 890
Offered January 24, 2000
A BILL to amend and reenact § 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 as amended by Chapter 538 of the Acts of Assembly of 1999 relating, to increasing the principal amount of bonds authorized to be issued for certain projects in the Northern Virginia Transportation District Program to $500,200,000 and designating the projects qualifying for increased allocations.
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Patron-- Rollison
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Referred to Committee on Finance
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Be 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.                    $  5,000,000 11,000,000
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.