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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 | history

SUMMARY AS PASSED:

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.

SUMMARY AS PASSED SENATE:

Commonwealth of Virginia Transportation Action Program and Fund. Establishes the Virginia Transportation Action Program (VTAP) and Virginia Transportation Action Program Fund (Fund) to provide resources to accelerate identified transportation projects that improve safety, reduce congestion, stimulate economic development, and promote multi-modal alternatives to highway construction. The bill authorizes the Commonwealth Transportation Board (Board), with the consent of the Governor, to issue Commonwealth of Virginia Federal Highway Reimbursement Anticipation Notes (FRANs) to finance critical transportation projects. The bonds would be secured, subject to appropriation from the General Assembly, (i) first from federal highway reimbursements and other federal highway assistance received, (ii) then, at the Board's discretion, to the extent required, from legally available revenues of the Transportation Trust Fund, and (iii) then, from any other funds designated by the General Assembly. The bonds would have a maximum term of 10 years and the aggregate principal amount outstanding at any time could not exceed $787,000,000. In addition to bond proceeds, the Fund would be provided with revenues equal to the debt service payments on the bonds issued. Such revenues would offset the loss of federal funds required to pay debt service and would consist of (i) a portion of the increase in motor fuel tax collections realized by changing the point at which such taxes are collected to the terminal rack, (ii) Transportation Trust Fund and Highway Maintenance Operating Fund revenues above the amount currently forecast and programmed, and (iii) any other appropriations that may be provided. Proceeds from the notes would be used to pay all or a portion of the costs for accelerated construction of projects included in the Board's Six-Year Improvement Program. The bill also amends several provisions in Article 5 (§ 33.1-267 et seq.) of Chapter 3 of Title 33.1 to accommodate issuance of the notes.

SUMMARY AS INTRODUCED:

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.