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2000 SESSION

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SB 33 Federal Highway Reimbursement Anticipation Notes; issuance.

Introduced by: Kenneth W. Stolle | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Transportation. Provides for the funding of specified transportation projects throughout the Commonwealth to be paid by the proceeds from the issuance of Virginia Federal Highway Reimbursement Anticipation Notes (FRANs) whose outstanding principal shall not exceed $800,000,000; by distribution from the Priority Transportation Fund created by the bill; and by general fund appropriations. Required deposits to the Priority Transportation Fund include (i) additional revenues attributable to the Virginia Fuels Tax Act; (ii) Transportation Trust Fund and Highway Maintenance Operating Fund revenues above the amount currently forecast and programmed; (iii) beginning July 1, 2002, one-third of insurance license tax revenues; and (iv) any other appropriations that may be provided. This bill is identical to HB 608.


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