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2016 SESSION

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SB 625 Port Opportunity Fund; funds appropriated for grants, exception.

Introduced by: Kenneth Alexander (Resigned) | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Transfers to the Port Opportunity Fund; evaluation and report. Provides that when the Virginia Port Authority's revenues exceed its costs by at least 5%, the Authority will transfer to the Port Opportunity Fund up to 5% of the revenues, not to exceed $2 million, unless the Secretary of Transportation determines that the transfer is not in the long-term interest of the Authority. The bill also requires the Secretary of Transportation to evaluate whether the forecasted revenue and planned needs of the Authority support deposits of funding into and the continuation of the Port Opportunity Find and the continuation of the Port of Virginia Economic and Infrastructure Development Grant Fund and Program. The Secretary is required to report on the evaluation and any corresponding recommendations by November 15, 2016. The bill contains technical amendments. This bill incorporates SB 693.

SUMMARY AS PASSED SENATE:

Transfers to the Port Opportunity Fund. Provides that when the Virginia Port Authority's revenues exceed its costs by at least five percent, the Authority will transfer to the Port Opportunity Fund (i) up to 5% of the revenues as long as that amount is greater than $2 million and unless the Secretary determines that the transfer is not in the long-term interest of the Virginia Port Authority or (ii) at least $2 million. The bill contains technical amendments. This bill incorporates SB 693.

SUMMARY AS INTRODUCED:

Transfers to the Port Opportunity Fund. Creates an exception to an annually determined transfer to the Port Opportunity Fund if the Secretary of Transportation determines that the transfer is not in the long-term interest of the Virginia Port Authority.