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2007 SESSION
078237808Be it enacted by the General Assembly of Virginia:
1. That § 2 of the first enactment of Chapter 8 of the Acts of Assembly of the Second Special Session of 1989, as amended by the second enactment of Chapter 538 of the Acts of Assembly of 1999, is amended and reenacted as follows:
§ 2. The Commonwealth Transportation Board is hereby
authorized, by and with the consent of the Governor, to issue, pursuant to the
provisions of §§ 33.1-267 through 33.1-295 of the Code of Virginia, at one time
or from time to time, bonds of the Commonwealth to be designated
"Commonwealth of Virginia Transportation Revenue Bonds, Series
.....," in an aggregate principal amount not exceeding $704,300,000
$900,300,000
to finance the cost of the project plus an amount for the issuance
costs, reserve funds, and other financing expenses. The proceeds of such bonds
shall be used exclusively for the purpose of providing funds, with any other available
funds, for paying all costs incurred or to be incurred for the construction of
an adequate, modern, safe, and efficient highway system, generally along
Virginia's southern boundary and which comprises the U.S. Route 58 Corridor
Development Program as established in § 33.1-221.1:2, consisting of the
environmental and engineering studies, rights-of-way acquisition, construction
and related improvements (the Project).
Of the $104.3 million increase in bond issuance authorized by the 1999 Session of the General Assembly, $82 million shall be issued for portions of the Project as follows:
Portion of the Project Bond amount
Ben Hur to Pennington Gap in Lee County $ 9,800,000
Pennington Gap to Dryden in Lee County $35,600,000
Anticipated shortfall on the Danville
Bypass, Clarksville Bypass, Stuart
Bypass, and completion of a gap west
of Jonesville in Lee County $35,100,000
Taylors Valley in Washington County $ 1,500,000
Total $82,000,000
The remaining balance of the bond issuance in the amount of $22.3 million, together with any bond issuance not necessary to complete the above projects, shall be issued for right-of-way acquisition from the Town of Stuart, in Patrick County along the Route 58 corridor to its intersection with Interstate 77 in Carroll County.
The $196 million increase in bond issuance authorized by the 2007 Session of the General Assembly shall be issued for portions of the Project as follows:
Portion of the Project Bond Amount
Hillsville Bypass $73,000,000
Tri-County section west of completed Meadows of Dan $26,000,000
Abingdon to Damascus Section 2 - next section
continuing east $17,000,000
Pennington Gap Bypass $80,000,000
Total $196,000,000
Such revenue bonds shall be issued by the Commonwealth Transportation Board and sold through the Treasury Board, which is hereby designated the sales and paying agent of the Commonwealth Transportation Board with respect to such bonds. The Treasury Board's duties shall include the approval of the terms and structure of the bonds.