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2016 SESSION
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 | history
SUMMARY AS PASSED SENATE:
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.
SUMMARY AS INTRODUCED:
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 the Transportation Public-Private Partnership Advisory Committee, prior to January 1, 2018, finding that the issuance is necessary due to the inability of private parties to meet the term sheet published by the Department of Transportation in September 2015 pursuant to the procurement initiated under the Public-Private Transportation Act of 1995.