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2006 SESSION

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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.


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