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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 | history

SUMMARY AS PASSED HOUSE:

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.

SUMMARY AS INTRODUCED:

Commonwealth Transportation Investment Fund. Creates the Commonwealth Transportation Investment Fund and dedicates to it one-third of all insurance license tax revenues, to be used for transportation projects throughout the Commonwealth. The Commonwealth Transportation Board is authorized to issue revenue bonds provided that the total face amount of bonds issued in any fiscal year shall not exceed two-thirds of the amount of insurance license tax revenues estimated to be dedicated in that year. The proceeds of the bonds shall be allocated among various transportation modes according to the formula under current law. All other revenues in the Fund not needed to pay debt service on the bonds, are allocated for transportation construction projects among the several highway systems of the Commonwealth according to the formula under current law. The particular transportation projects to be funded shall be determined by the Commonwealth Transportation Board. The bill also increases from $800 million to $1.2 billion the amount of Commonwealth of Virginia Federal Highway Reimbursement Anticipation Notes that were authorized in 2000 and dedicated to transportation projects, and makes other changes to transportation projects that were authorized in 2000.