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2013 SESSION

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CHAPTER 296 An Act to amend and reenact § 2 of the first enactment of Chapter 8 of the Acts of Assembly of the Second Special Session of 1989, as amended by the second enactment of Chapter 538 of the Acts of Assembly of 1999, relating to issuance of bonds for the U.S. Route 58 Corridor Development Program. [H 1953] Approved March 13, 2013

 

Be it enacted by the General Assembly of Virginia:

1. That § 2 of the first enactment of Chapter 8 of the Acts of Assembly of the Second Special Session of 1989, as amended by the second enactment of Chapter 538 of the Acts of Assembly of 1999, is amended and reenacted as follows:

§ 2. The Commonwealth Transportation Board is hereby authorized, by and with the consent of the Governor, to issue, pursuant to the provisions of §§ 33.1-267 through 33.1-295 of the Code of Virginia, at one time or from time to time, bonds of the Commonwealth to be designated "Commonwealth of Virginia Transportation Revenue Bonds, Series .....," in an aggregate principal amount not exceeding $704,300,000 $1,300,000,000, to finance the cost of the project plus an amount for the issuance costs, reserve funds, and other financing expenses. However, the additional amount of bonds that may be issued solely because of the amendments to this section by the 2013 Session of the General Assembly may be issued only if the debt service of such bonds can be met solely with the revenues provided to the Route 58 Corridor Development Fund pursuant to the provisions of § 58.1-815 of the Code of Virginia. The proceeds of such bonds shall be used exclusively for the purpose of providing funds, with any other available funds, for paying all costs incurred or to be incurred for the construction of an adequate, modern, safe, and efficient highway system, generally along Virginia's southern boundary and which comprises the U.S. Route 58 Corridor Development Program as established in § 33.1-221.1:2, consisting of the environmental and engineering studies, rights-of-way acquisition, construction and related improvements (the Project).

Of the $104.3 million increase in bond issuance authorized by the 1999 Session of the General Assembly, $82 million shall be issued for portions of the Project as follows:

   Portion of the Project                  Bond amount

 Ben Hur to Pennington Gap in Lee County   $ 9,800,000

 Pennington Gap to Dryden in Lee County    $35,600,000

 Anticipated shortfall on the Danville

   Bypass, Clarksville Bypass, Stuart

   Bypass, and completion of a gap west

   of Jonesville in Lee County             $35,100,000

 Taylors Valley in Washington County       $ 1,500,000

 Total                                     $82,000,000

The remaining balance of the bond issuance in the amount of $22.3 million, together with any bond issuance not necessary to complete the above projects, shall be issued for right-of-way acquisition from the Town of Stuart, in Patrick County along the Route 58 corridor to its intersection with Interstate 77 in Carroll County.

Beginning July 1, 2013, completion of the following portions of the Project shall have priority over any other portions of the Project:

 Crooked Oak Section

    ROW Acquisition

    Utility Relocation

    Permitting and Mitigation

    Design

    Construction and Inspection

 

 Vesta Section

    ROW Acquisition

    Utility Relocation

    Permitting and Mitigation

    Design

    Construction and Inspection

 

 Lover's Leap Section

    ROW Acquisition

    Utility Relocation

    Permitting and Mitigation

    Design

    Construction and Inspection

Of the foregoing three sections of the Project, construction of the Lover's Leap Section shall have priority over construction of the other two sections. However, construction of these other two sections may proceed simultaneously with the construction of the Lover's Leap Section if such simultaneous construction does not delay construction of the Lover's Leap Section.

Such revenue bonds shall be issued by the Commonwealth Transportation Board and sold through the Treasury Board, which is hereby designated the sales and paying agent of the Commonwealth Transportation Board with respect to such bonds. The Treasury Board's duties shall include the approval of the terms and structure of the bonds.

2.  That the provisions of this act shall not become effective unless a comprehensive, statewide transportation funding bill is passed by the 2013 Session of the General Assembly, and becomes law.