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2006 SESSION
HB 1257 Transportation Investment Bond Act of 2006; created.
Introduced by: Timothy D. Hugo | all patrons ... notes | add to my profiles
SUMMARY AS PASSED HOUSE: (all summaries)
Transportation funding for Northern Virginia and Hampton Roads. Provides funding for transportation projects in Northern Virginia (i.e. the Cities of Alexandria, Fairfax, Falls Church, Manassas, and Manassas Park, and the Counties of Arlington, Fairfax, Loudoun, and Prince William, and Hampton Roads (i.e. the Cities of Chesapeake, Franklin, Hampton, Newport News, Norfolk, Poquoson, Portsmouth, Suffolk, Virginia Beach, and Williamsburg, and the Counties of Gloucester, Isle of Wight, James City, Southampton, and Surry) as follows: (i) dedicates a pro-rata portion of one-third of all insurance license tax revenues, based on population, to Northern Virginia and to Hampton Roads, and (ii) dedicates $20 million in FY 07 and $25 million annually thereafter in state recordation tax revenues to Northern Virginia, and dedicates $10 million in FY 07 and $15 million annually thereafter to Hampton Roads. The funds for each region are deposited into separate, newly created special funds, and are dedicated solely for transportation projects in each region. Bonds are authorized to be issued annually with a face value up to two-thirds of the amount estimated to be deposited into each fund for each respective fiscal year, with the proceeds to be used for transportation projects in each region. The transportation projects to be funded in Hampton Roads shall be determined by the Hampton Roads Metropolitan Planning Organization with the advice and consent of the members of the House Appropriations and Senate Finance Committee members residing in Planning District 23.
FULL TEXT
- 01/11/06 House: Prefiled and ordered printed; offered 01/11/06 065129332 pdf
- 02/11/06 House: Committee substitute printed 065211332-H1 pdf | impact statement
HISTORY
- 01/11/06 House: Prefiled and ordered printed; offered 01/11/06 065129332
- 01/11/06 House: Referred to Committee on Transportation
- 01/24/06 House: Referred from Transportation by voice vote
- 01/24/06 House: Referred to Committee on Appropriations
- 01/27/06 House: Assigned App. sub: Transportation (May)
- 02/10/06 House: Reported from Appropriations with substitute (21-Y 2-N)
- 02/11/06 House: Committee substitute printed 065211332-H1
- 02/11/06 House: Read first time
- 02/13/06 House: Read second time
- 02/13/06 House: Committee substitute agreed to 065211332-H1
- 02/13/06 House: Engrossed by House - committee substitute HB1257H1
- 02/14/06 House: Read third time
- 02/14/06 House: Pending question ordered
- 02/14/06 House: Passed House (79-Y 20-N)
- 02/14/06 House: VOTE: PASSAGE (79-Y 20-N)
- 02/14/06 House: Communicated to Senate
- 02/15/06 Senate: Constitutional reading dispensed
- 02/15/06 Senate: Referred to Committee on Finance
- 03/07/06 Senate: Left in Finance (15-Y 0-N)