SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2016 SESSION

  • | print version

SB 60 Commonwealth of Virginia Transform I-66 Corridor Outside the Beltway Bond Act of 2016; created.

Introduced by: Emmett W. Hanger, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Bonds; tolls on I-66. Authorizes the Treasury Board to issue bonds pursuant to Article X, Section 9 (c) of the Constitution of Virginia in an amount up to $1.5 billion plus financing costs to finance the costs of acquiring, constructing, and equipping dynamically tolled lanes on a portion of Interstate 66. Issuance of the bonds is contingent on (i) the Commissioner of Highways finding that the private parties are unable to deliver the I-66 project outside the Beltway in a way that meets the term sheet, (ii)  the Transportation Public-Private Partnership Advisory Committee concurs with the Commissioner's finding, and (iii) that the Secretary of Finance further concurs and finds that the issuance of bonds is in the public interest. The bill is contingently effective on the requirements for changing the HOV-2 designation on I-66 being met and the Secretary certifying that such requirements have been met. No bonds shall be issued prior to February 20, 2017.


FULL TEXT

HISTORY