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2001 SESSION

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HB 1122 Transportation Facilities Authority.

Introduced by: William P. Robinson, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Transportation Facilities Authority. Creates the Virginia Transportation Facilities Authority, headed by a nine-member Board of Directors (with the chairman and vice chairman of the Commonwealth Transportation Board serving as the chairman and vice chairman of the Board) for the purpose of acquiring, constructing, improving, maintaining, and operating transportation facilities in the Commonwealth. The Authority may issue pledge bonds and other forms of debt, but may issue revenue bonds only with the approval of the General Assembly. The Authority cannot undertake construction of any transportation facility unless (i) specifically authorized to do so in a bill or resolution passed by each house of the General Assembly or (ii) requested to do so by resolution of the Commonwealth Transportation Board. The Authority is specifically authorized to acquire three existing toll facilities: the Dulles Toll Road, the Powhite Parkway Extension Toll Road, and the George P. Coleman Memorial Bridge. The bill also transfers to the Authority the unallocated balances in the Toll Facilities Revolving Account on July 1, 2000.


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