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HB 2527 Va. Transportation Infrastructure Fund and Va. Transportation Infrastructure Bank; created, report.
SUMMARY AS PASSED: (all summaries)
Transportaion funding. Creates the Virginia Transportation Infrastructure Bank (Bank) as a new source for funding transportation projects. The Bank would be managed and administered by the Virginia Resources Authority and would be capitalized as recommended by the Governor and appropriated by the General Assembly. Up to 20 percent of the capitalization of the Bank would be used to make grants to localities for transportation projects, and the remainder would be used to make loans to private or public entities for transportation projects.
The bill authorizes the issuance of Commonwealth of Virginia Federal Transportation Grant Anticipation Revenue Notes whose outstanding aggregate principal amount, together with any outstanding aggregate principal amount of Commonwealth of Virginia Federal Highway Reimbursement Anticipation Notes, cannot exceed $1.2 billion, with the proceeds used for transportation projects as determined by the Commonwealth Transportation Board. The bill also increases the aggregate principal amount of Commonwealth of Virginia Transportation Capital Projects Revenue Bonds that may be issued in a fiscal year from $300 million to $600 million for FY 2012, and from $300 million to $500 million for FY 2013.
The bill establishes the Intercity Passenger Rail Operating and Capital Fund to be used by the Director of the Department of Rail and Public Transportation, with the approval of the Commonwealth Transportation Board, on projects that expand and improve intercity passenger rail service.
Finally, the bill increases from $50 million to $200 million the total limit on revenue-sharing funds allocated by the Commonwealth Transportation Board (CTB) to certain counties, cities, and towns in any one fiscal year and increases from $1 million to $10 million the per project cap on funds; and provides that the funds allocated by the CTB will be distributed in accordance with the revenue-sharing guidelines established by the CTB.