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2000 SESSION
008380556Patrons-- Wampler, Hawkins, Marye and Puckett; Delegates: Johnson, Kilgore, Phillips, Stump and Tate
Be it enacted by the General Assembly of Virginia:
1. That § 2 of the first enactment of Chapter 8 of the Acts of Assembly of the Second Special Session of 1989, as amended by the second enactment of 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 of the Code of Virginia, at one time or from time to time,
bonds of the Commonwealth to be designated "Commonwealth of Virginia Transportation
Revenue Bonds, Series .....," in an aggregate principal amount not exceeding
$704,300,000 $1,604,300,000 to finance the cost of the project plus an
amount for the issuance costs, reserve funds, and other financing expenses. The proceeds of such bonds shall be used
exclusively for the purpose of providing funds, with any other available funds,
for paying all costs incurred or to be incurred for the construction of an
adequate, modern, safe, and efficient highway system, generally along
Virginia's southern boundary and which comprises the U.S. Route 58 Corridor
Development Program as established in § 33.1-221.1:2, consisting of the
environmental and engineering studies, rights-of-way acquisition, construction and
related improvements (the Project).
Of the $104.3 million increase in bond issuance authorized by the 1999 Session of the General Assembly, $82 million shall be issued for portions of the Project as follows:
Portion of the Project Bond amount
Ben Hur to Pennington Gap in Lee County $ 9,800,000
Pennington Gap to Dryden in Lee County $35,600,000
Anticipated shortfall on the Danville
Bypass, Clarksville Bypass, Stuart
Bypass, and completion of a gap west
of Jonesville in Lee County $35,100,000
Taylors Valley in Washington County $ 1,500,000
Total $82,000,000
The remaining balance of the bond issuance in the amount of $22.3 million, together with any bond issuance not necessary to complete the above projects, shall be issued for right-of-way acquisition from the Town of Stuart, in Patrick County along the Route 58 corridor to its intersection with Interstate 77 in Carroll County.
The $900 million increase in bond issuance authorized by the 2000 Session of the General Assembly is not specifically allocated for any portions of the Project, but rather to finance further completion of the Project.
Such revenue 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 such bonds. The Treasury Board's duties shall include the approval of the terms and structure of the bonds.