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2007 SESSION

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SJ 49 Constitutional amendment; funds for transportation purposes (first reference).

Introduced by: Jay O'Brien | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED SENATE:

Constitutional amendment (first resolution); Transportation Funds.  Requires the General Assembly to maintain permanent and separate Transportation Funds to include the Commonwealth Transportation Fund, Transportation Trust Fund, Highway Maintenance and Operating Fund, Priority Transportation Fund, and other funds dedicated to transportation by general law. All revenues dedicated to Transportation Funds on July 1, 2006, by general law, other than a general appropriation law, shall be deposited to the Transportation Funds, unless the General Assembly by general law, other than a general appropriation law, alters the revenues dedicated to the Funds. The amendment limits the use of Fund moneys to transportation and related purposes. The General Assembly may borrow from the Funds for other purposes only by a vote of two-thirds plus one of the members voting in each house, and the loan or reduction must be repaid with reasonable interest within three years.  The amendment limits the use of general and other non-transportation funds for transportation purposes except for certain debt service payments and, additionally, an amount not to exceed $80 million in any fiscal year.  This proposed constitutional amendment is identical to the amendment proposed in SJR 180.

SUMMARY AS INTRODUCED:

Constitutional amendment (first resolution); Transportation Trust Fund.  Provides that the Transportation Trust Fund established in 1986 will be a permanent fund and be funded annually by the General Assembly by appropriations equivalent to the revenues generated by the 1986 package of tax and fee increases or the appropriation for the fiscal year ending June 30, 2006, whichever is greater. The amendment limits the use of Trust Fund moneys to highway construction, reconstruction, maintenance, and improvements, public transportation, railways, seaports, and airports. The General Assembly may borrow from the Fund for other purposes or reduce the level of required appropriations to the Fund only by a two-thirds plus one vote of members in each house and the loan or reduction must be repaid within four years.