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2011 SESSION

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HB 2527 Va. Transportation Infrastructure Fund and Va. Transportation Infrastructure Bank; created, report.

Introduced by: William J. Howell | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

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.

SUMMARY AS PASSED HOUSE:

Transportaion funding.  Provides statewide transportation funding.  The bill creates the Virginia Transportation Infrastructure Bank ("Bank") to fund transportation projects.  Up to 20 percent of funds in the Bank may be used to make grants or interest rate subsidies to localities for transportation projects, and the remainder is used to make loans to private or public entities for transportation projects.

The bill authorizes the issuance of Commonwealth of Virginia Transportation Grant Anticipation Revenue Notes whose outstanding aggregate principal amount, shall not exceed $1.2 billion, less any principal amounts outstanding from Notes issued pursuant to Chapters 1019 and 1044 of the Acts of Assembly of 2000.  Proceeds of the Notes shall be 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 the fiscal years ending June 30, 2012, and June 30, 2013, from $300 million to $500 million and $600 million, respectively.

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 the annual cap on the program size of the revenue sharing program to $200.0 million, increases the per project cap to $10.0 million and provides that the funds allocated by the CTB will be distributed only to projects included in the Six Year Improvement Program or a locality’s capital improvement plan.

SUMMARY AS INTRODUCED:

Transportation funding.  The bill creates the Virginia Transportation Infrastructure Fund (Fund) and the Virginia Transportation Infrastructure Bank (Bank) whose board of directors administers the Fund. The initial deposit into the Fund consists of general fund surplus and certain savings identified at the Virginia Department of Transportation. Up to 20 percent of the Fund may be used to make grants to localities for transportation projects as determined by the Bank, and the remainder is used to make loans to private or public entities for transportation projects as determined by the Bank.

The bill authorizes the issuance of Commonwealth of Virginia 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.

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 removes the priority structure for allocation of revenue-sharing funds to localities; removes the $50 million total limit on funds allocated by the Commonwealth Transportation Board (CTB) to certain counties, cities, and towns in any one fiscal year and removes the $1 million 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.