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2008 SESSION

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HB 627 PPTA; private entity to pay costs for independent audit of all traffic and cost estimates.

Introduced by: Joe T. May | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

PPTA. Requires, for projects undertaken under the Public-Private Transportation Act of 1995 (PPTA) that have an estimated construction cost in excess of $50 million, the responsible private entity to pay the costs for an independent audit of any and all traffic and cost estimates associated with the private entity's proposal, as well as a review of all public costs and potential liabilities to which taxpayers could be exposed. This independent audit must be conducted by an independent consultant selected by the responsible public entity, and all information from the review must be fully disclosed.

SUMMARY AS PASSED HOUSE:

PPTA. Requires, for projects undertaken under the Public-Private Transportation Act of 1995 (PPTA), the responsible private entity to pay the costs for an independent audit of any and all traffic and cost estimates associated with the private entity's proposal, as well as a review of all public costs and potential liabilities to which taxpayers could be exposed. This independent audit must be conducted by an independent consultant selected by the responsible public entity, and all information from the review must be fully disclosed.

SUMMARY AS INTRODUCED:

PPTA.  Requires that projects undertaken under the Public-Private Transportation Act of 1995 (PPTA) be part of the Commonwealth Transportation Board's six-year improvement plan. The bill also requires that the responsible public entity must conduct a traditional public hearing on any proposal prior to granting approval of the development and/or operation of the transportation facility or facilities as a qualifying transportation facility. In addition, the responsible public entity must require the private entity to pay the costs for an independent verification of any traffic and cost estimates associated with the private entity's proposal and also provide a full accounting of all public costs and potential liabilities to which taxpayers would be exposed, with all such information to be fully disclosed prior to entering into any interim agreement. Finally, the responsible public entity would be required in evaluating the proposal to give priority to projects in which the private entity will invest equity in a toll project or purchase a certain percentage of bonds issued in connection with a toll project.