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2008 SESSION
HB 1140 Tolls; State Corporation Commission authority to approve or revise rates charged.
Introduced by: Joe T. May | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Virginia Highway Corporation Act; authority of SCC. Directs the State Corporation Commission (SCC), in setting tolls under the Virginia Highway Corporation Act of 1988 during the period January 1, 2013, through January 1, 2020, to approve requests to increase toll rates by a percentage that (i) is equal to the increase in the consumer price index from the date the Commission last approved a toll increase, plus one percent, (ii) is equal to the increase in the real gross domestic product from the date the Commission last approved a toll increase, or (iii) 2.8 percent, whichever is greatest. In addition, the SCC shall allow the operator to include, in its tolls, the amount by which its local property taxes paid in the immediately preceding calendar year increased by more than the annual percentage increase above such payments for the previous calendar year. The SCC may allow a greater increase in the tolls if the operator provides an independent grade traffic and revenue study and a finding by the Commission that (a) the toll rates will not be sufficient to permit the operator to maintain the minimum coverage ratio set forth in the rate covenant provisions of its bond indenture or similar credit agreement, (b) such greater proposed tolls are reasonable to the user in relation to the benefit obtained and will not materially discourage use of the roadway by the public, and (c) the greater proposed tolls provide the operator no more than a reasonable rate of return; however, the Commission shall not approve an increase that exceeds the percentage increase necessary to permit the operator to maintain the minimum coverage ratio, and such request shall not be made as a result of a change in control of the operator or the project roadway. Other provisions (i) direct the SCC, in determining whether the operator's costs are improper or excessive, to consider the contractual relationships between the operator and individuals or entities that are closely associated or affiliated with the operator to assure that the terms on such contractual relationships are no less favorable or unfavorable to the operator than what it could obtain in an arm's-length transaction; (ii) require the operator to provide a verified copy of its annual audited financial statements; (iii) require the SCC, when there is a change in the ownership of an operator, to ensure in any subsequent toll rate proceeding that the price paid in connection with the change in ownership or control, and any costs and other factors attributable to or resulting from the change in ownership or control, if they would contribute to an increase in the level of the toll, are excluded from the Commission's determination of the operator's reasonable return; and (iv) direct that the proceeds and funding provided to the operator from any future bond indenture or similar credit agreement must be used for certain purposes related to the roadway property, unless otherwise authorized by the SCC. SB 778 is identical.
FULL TEXT
- 01/09/08 House: Prefiled and ordered printed; offered 01/09/08 089821620 pdf
- 02/08/08 House: Committee substitute printed 080192620-H1 pdf | impact statement
- 03/03/08 Senate: Committee substitute printed 089572620-S1 pdf
- 03/08/08 House: Conference substitute printed 089578620-H2 pdf | impact statement
- 03/24/08 House: Bill text as passed House and Senate (HB1140ER) pdf | impact statement
- 04/14/08 Governor: Acts of Assembly Chapter text (CHAP0841) pdf
AMENDMENTS
HISTORY
- 01/09/08 House: Prefiled and ordered printed; offered 01/09/08 089821620
- 01/09/08 House: Referred to Committee on Commerce and Labor
- 02/07/08 House: Reported from Commerce and Labor with substitute (21-Y 0-N)
- 02/08/08 House: Committee substitute printed 080192620-H1
- 02/09/08 House: Read first time
- 02/11/08 House: Read second time
- 02/11/08 House: Committee substitute agreed to 080192620-H1
- 02/11/08 House: Engrossed by House - committee substitute HB1140H1
- 02/12/08 House: Read third time and passed House (98-Y 1-N)
- 02/12/08 House: VOTE: --- PASSAGE (98-Y 1-N)
- 02/12/08 House: Communicated to Senate
- 02/13/08 Senate: Constitutional reading dispensed
- 02/13/08 Senate: Referred to Committee on Commerce and Labor
- 03/03/08 Senate: Reported from Commerce and Labor with substitute (15-Y 0-N)
- 03/03/08 Senate: Committee substitute printed 089572620-S1
- 03/04/08 Senate: Constitutional reading dispensed (40-Y 0-N)
- 03/04/08 Senate: Read third time
- 03/04/08 Senate: Reading of substitute waived
- 03/04/08 Senate: Committee substitute agreed to 089572620-S1
- 03/04/08 Senate: Engrossed by Senate - committee substitute HB1140S1
- 03/04/08 Senate: Passed Senate with substitute (40-Y 0-N)
- 03/05/08 House: Placed on Calendar
- 03/05/08 House: Senate substitute rejected by House (1-Y 97-N)
- 03/05/08 House: VOTE: --- REJECTED (1-Y 97-N)
- 03/06/08 Senate: Senate insisted on substitute (39-Y 0-N)
- 03/06/08 Senate: Senate requested conference committee
- 03/06/08 House: House acceded to request
- 03/06/08 Senate: Conferees appointed by Senate
- 03/06/08 Senate: Senators: Herring, Edwards, Wagner
- 03/06/08 House: Conferees appointed by House
- 03/06/08 House: Delegates: May, Hugo, Sickles
- 03/08/08 House: Conference substitute printed 089578620-H2
- 03/08/08 Senate: Reading of conference report waived
- 03/08/08 Senate: Conference report agreed to by Senate (40-Y 0-N)
- 03/08/08 House: Conference report agreed to by House (97-Y 0-N)
- 03/08/08 House: VOTE: --- ADOPTION (97-Y 0-N)
- 03/24/08 House: Enrolled
- 03/24/08 House: Bill text as passed House and Senate (HB1140ER)
- 03/24/08 House: Signed by Speaker
- 03/26/08 Senate: Signed by President
- 04/11/08 Governor: Approved by Governor-Chapter 841 (effective 7/1/08)
- 04/14/08 Governor: Acts of Assembly Chapter text (CHAP0841)