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HB 1979 Dulles Greenway; authorizes Commonwealth Transportation Board to issue bonds to acquire.
SUMMARY AS INTRODUCED:
Authorization of bonds to acquire the Dulles Greenway. Authorizes the Commonwealth Transportation Board to issue bonds to (i) acquire the Dulles Greenway and (ii) if determined necessary by the Board, improve or upgrade the Dulles Greenway. If the Board were to acquire the Dulles Greenway, the Board would impose and collect tolls from all classes of vehicles in amounts established by the Board for the use of the same.
The aggregate principal amount of bonds that could be issued by the Board would be conditioned upon the revenues from the tolls or other charges to be imposed on the Dulles Greenway as proposed and established by the Board, as follows: the revenues from the tolls or other charges proposed by the Board would reasonably be expected by the Board to pay (a) in full and when payable the debt service on all bonds or other obligations issued or entered into by the Board to acquire the Dulles Greenway, (b) the ongoing costs of operating and maintaining the Dulles Greenway, (c) the costs of purchasing and installing electronic tolling equipment or other equipment for the Dulles Greenway if such equipment is determined necessary, (d) the cost of purchasing parking facilities, and (e) ongoing necessary administrative costs relating to the Dulles Greenway.
The bill provides no bonds could be issued by the Commonwealth Transportation Board to acquire the Dulles Greenway unless the Treasury Board provides through a written certification provided to the Governor and the Commonwealth Transportation Board its opinion that the revenues from the tolls or other charges proposed by the Commonwealth Transportation Board for use of the Dulles Greenway are reasonably expected to result in a debt service coverage ratio of at least 1.25.