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2005 SESSION

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SB 1245 Transportation funding; to be used for administering, planning, etc. roads for State and localities.

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

SUMMARY AS INTRODUCED:

Transportation funding.  Provides that moneys in the Commonwealth Transportation Fund, Transportation Trust Fund, and the Highway Maintenance and Operating Fund shall be used for (i) administering, planning, constructing, improving, or maintaining the roads embraced in the systems of highways for the Commonwealth and its localities, or furthering the interests of the Commonwealth in the areas of highways, public transportation, railways, seaports, or airports; (ii) making payments on bonds or other obligations that have been issued or entered into to finance transportation projects; or (iii) making loans to finance transportation projects.

In general, the bill provides that moneys designated for deposit into the general fund shall not be used for transportation purposes except that general fund moneys shall be used for (i) debt service on the $317 million in principal amount of Commonwealth of Virginia Federal Highway Reimbursement Anticipation Notes that were issued for certain transportation projects specified in the 2002 Appropriations Act; and (ii) making the annual $40 million deposit of state recordation taxes to the U.S. Route 58 Corridor Development Fund and the annual $40 million distribution of state recordation taxes to counties and cities. However, if the general fund revenue forecast for the fiscal year is for growth of at least eight percent, then moneys deposited into the general fund in that fiscal year may be used for transportation-related purposes.


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