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2002 SESSION

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SB 668 Eastern Va. and No.Va. Regional Transp. Program Bond Acts of 2002.

Introduced by: Martin E. Williams | all patrons    ...    notes | add to my profiles | history

SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION:

Regional sales tax referenda in Northern Virginia and Hampton Roads for transportation projects. Requires that referenda be held in Northern Virginia and in Hampton Roads in November 2002 on the questions of increasing the sales and use tax by one-half of one percent and one percent in each regionrespectively, for transportation purposes in those regions. A favorable vote on such question in Hampton Roads (counties of Isle of Wight, James City, and York, and the cities of Chesapeake, Hampton, Newport News, Norfolk, Poquoson, Portsmouth, Suffolk, Virginia Beach, and Williamsburg) would authorize the Hampton Roads Planning District Commission to issue debt in a principal amount not exceeding $5,990,000,000 for specified transportation projects, and to pay the interest and principal of such debt with the additional sales tax revenues. A favorable vote on the question in Northern Virginia (the counties of Arlington, Fairfax, Loudoun, and Prince William, and the cities of Alexandria, Fairfax, Falls Church, Manassas, and Manassas Park) would authorize the Northern Virginia Transportation Authority to issue debt in a principal amount not exceeding $2,800,000,000 for specified transportation projects, and to pay the interest and principal of such debt with the additional sales tax revenues.

SUMMARY AS PASSED:

Eastern Virginia Regional Transportation Program. Authorizes the Hampton Roads Planning District Commission to issue debt in a principal amount not exceeding $5,990,000,000 to finance the costs of an adequate, modern, safe and efficient transportation network in Hampton Roads. The principal and interest on the bonds shall be paid from an additional one percent retail sales and use tax in the Counties of Isle of Wight, James City, and York and the Cities of Chesapeake, Hampton, Newport News, Norfolk, Poquoson, Portsmouth, Suffolk, Virginia Beach, and Williamsburg (identified by reference to attainment for the one-hour ozone standard pursuant to the Federal Clean Air Act). The sales and use tax shall end upon final payment of the principal and interest on all bonds and other indebtedness issued for the transportation projects. The additional tax and the issuance of the bonds shall only be effective if approved by the voters of such counties and cities in a regional referendum to be held in November 2002. A simple majority of the voters voting at such election in the entire region constituted by such counties and cities is required for the tax to become effective. The bill does not require the affirmative vote of a majority of those voting in any individual county or city for the tax to become effective.

SUMMARY AS PASSED SENATE:

Hampton Roads Transportation District Program. Authorizes the Hampton Roads Planning District Commission to issue debt in a principal amount not exceeding $5,990,000,000 to finance the costs of an adequate, modern, safe and efficient transportation network in Hampton Roads. The principal and interest on the bonds shall be paid from an additional one percent retail sales and use tax in the Counties of Isle of Wight, James City, and York and the Cities of Chesapeake, Hampton, Newport News, Norfolk, Poquoson, Portsmouth, Suffolk, Virginia Beach, and Williamsburg (identified by reference to attainment for the one-hour ozone standard pursuant to the Federal Clean Air Act). The sales and use tax shall end upon final payment of the principal and interest on all bonds and other indebtedness issued for the transportation projects. The additional tax and the issuance of the bonds shall only be effective if approved by the voters of such counties and cities in a regional referendum to be held in November 2002. A simple majority of the voters voting at such election in the entire region constituted by such counties and cities is required for the tax to become effective. The bill does not require the affirmative vote of a majority of those voting in any individual county or city for the tax to become effective.

SUMMARY AS INTRODUCED:

Hampton Roads Transportation District Program. Provides for the issuance of 9(d) debt in a principal amount not exceeding $6,590,000,000 to finance the costs of an adequate, modern, safe and efficient transportation network in Hampton Roads. The principal and interest on the bonds shall be paid from an additional one and one-half percent state retail sales and use tax in the Counties of Isle of Wight, James City, and York and the Cities of Chesapeake, Hampton, Newport News, Norfolk, Poquoson, Portsmouth, Suffolk, Virginia Beach, and Williamsburg. Principal and interest on the bonds shall also be paid from per passage tolls of $1.50 on Route 460 and the Southeastern Parkway and Greenbelt. The sales and use tax and the tolls shall end upon final payment of the principal and interest on all bonds and other indebtedness issued for the transportation projects. The additional tax and tolls, and the issuance of the bonds, shall only be effective if approved by the voters of such counties and cities in a regional referendum to be held in November 2002. A simple majority of the voters voting at such election in the entire region constituted by such counties and cities is required for the tax and tolls to become effective. The bill does not require the affirmative vote of a majority of those voting in any individual county or city for the tax and tolls to become effective.