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1998 SESSION

989756440
HOUSE BILL NO. 1117
AMENDMENT IN THE NATURE OF A SUBSTITUTE
(Proposed by the House Committee on Appropriations
on February 17, 1998)
(Patron Prior to Substitute--Delegate Rollison)
A BILL to amend and reenact §§ 33.1-221.1:3 and 58.1-815.1 of the Code of Virginia and § 2 of the Chapter 391 of the Acts of Assembly of 1993, as amended by Chapters 470 and 597 of the Acts of Assembly of 1994, relating to the Northern Virginia Transportation District Program; the issuance of bonds to finance the costs of such program; the Northern Virginia Transportation District Fund; the use of such fund to pay debt service; increasing the principal amount of bonds authorized to be issued to $366,900,000 and redesignating the projects qualifying for such financing and the amounts allocated to each such project.

Be it enacted by the General Assembly of Virginia:

1. That §§ 33.1-221.1:3 and 58.1-815.1 are amended and reenacted as follows:

§ 33.1-221.1:3. Northern Virginia Transportation District Program.

A. The General Assembly declares it to be in the public interest that the economic development needs and economic growth potential of Northern Virginia be addressed by a special transportation program to provide for the costs of providing an adequate, modern, safe and efficient transportation network in Northern Virginia which shall be known as the Northern Virginia Transportation District Program (the Program), including, without limitation, environmental and engineering studies, rights-of-way acquisition, construction, improvements to all modes of transportation, and financing costs. The Program consists of the following projects: the Fairfax County Parkway, Route 234 Bypass, Metro Capital Improvements, including the Franconia-Springfield Metrorail Station and related new rail car purchases, Route 7 improvements in Loudoun County between Route 15 and Route 28, and the Route 50/Courthouse Road interchange improvements in Arlington County, the Route 28/Route 625 interchange improvements in Loudoun County, and the King Street Metrorail Station access and other Metrorail capital improvements in the City of Alexandria.

B. Allocations to this Program from the Northern Virginia Transportation District Fund established by § 58.1-815.1 shall be made annually by the Commonwealth Transportation Board for the creation and enhancement of a safe, efficient transportation system connecting the communities, businesses, places of employment, and residences of the Commonwealth, thereby enhancing the economic development potential, employment opportunities, mobility and quality of life in Virginia.

C. Except in the event that the Northern Virginia Transportation District Fund is insufficient to pay for the costs of the Program, allocations to the Program shall not diminish or replace allocations made from other sources or diminish allocations to which any district, system, or locality would be entitled under other provisions of this title, but shall be supplemental to other allocations to the end that transportation improvements in the Northern Virginia Transportation District may be accelerated and augmented. Allocations under this subsection shall be limited to projects specified in § 33.1-268 (2) (s).

D. The Commonwealth Transportation Board may expend such funds from all sources as may be lawfully available to initiate the Program and to support bonds and other obligations referenced in subsection E of this section.

E. The Commonwealth Transportation Board is authorized to receive, dedicate or use first from (i) revenues received from the Northern Virginia Transportation District Fund, (ii) to the extent required, funds appropriated and allocated, pursuant to the highway allocation formula as provided by law, to the highway construction district in which the project or projects to be financed are located or to the city or county in which the project or projects to be financed are located, (iii) to the extent required, legally available revenues of the Transportation Trust Fund, and (iv) such other funds which may be appropriated by the General Assembly for the payment of bonds or other obligations, including interest thereon, issued in furtherance of the Program. No such bond or other obligations shall pledge the full faith and credit of the Commonwealth.

§ 58.1-815.1. Northern Virginia Transportation District Fund.

A. There is hereby created in the Department of the Treasury a special nonreverting fund which shall be a part of the Transportation Trust Fund and which shall be known as the Northern Virginia Transportation District Fund, consisting of transfers pursuant to § 58.1-816 of annual collections of the state recordation taxes attributable to the Cities of Alexandria, Fairfax, Falls Church, Manassas, and Manassas Park and the Counties of Arlington, Fairfax, Loudoun, and Prince William; however, this dedication shall not affect the local recordation taxes under §§ 58.1-802 B and 58.1-814. The Fund shall also include such otherany public rights-of-way use fees appropriated by the General Assembly; any state or local revenues, including but not limited to any funds distributed pursuant to § 33.1-23.3, § 33.1-23.4 or § 33.1-23.5:1, which may be deposited into the Fund pursuant to a contract between a jurisdiction participating in the Northern Virginia Transportation District Program and the Commonwealth Transportation Board; and any other funds as may be appropriated by the General Assembly from time to time and designated for this Fund and all interest, dividends and appreciation which may accrue thereto. Any moneys remaining in the Fund at the end of a biennium shall not revert to the general fund, but shall remain in the Fund, subject to the determination by the Commonwealth Transportation Board that a Category 2 or, 3 or 4 project or projects may be funded.

B. Allocations from this Fund may be paid (i) to any authority, locality or commission for the purposes of paying the costs of the Northern Virginia Transportation District Program which consists of the following: the Fairfax County Parkway, Route 234 Bypass, Metro Capital Improvements, including the Franconia-Springfield Metrorail Station and new rail car purchases, Route 7 improvements in Loudoun County between Route 15 and Route 28, and the Route 50/Courthouse Road interchange improvements in Arlington County, the Route 28/Route 625 interchange improvements in Loudoun County, and the King Street Metrorail Station access improvements in the City of Alexandria, and (ii) for Category 34 projects as provided in § 2 of the act or acts authorizing the issuance of Bonds for the Northern Virginia Transportation District Program.

C. On or before July 15, 1994, $19 million shall be transferred to the Fund. Such transfer shall be made by the issuance of a treasury loan at no interest in the amount of $19 million in the event such an amount is not included for the Fund in the general appropriation act enacted by the 1994 Session of the General Assembly. Such treasury loan shall be repaid from the Commonwealth's portion of the state recordation tax imposed by Chapter 8 (§ 58.1-800 et seq.) of Title 58.1 designated for the Fund by this section and § 58.1-816.

2. That § 2 of the Chapter 391 of the Acts of Assembly of 1993, as amended by Chapters 470 and 597 of the Acts of Assembly of 1994, 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, at one time or from time to time, bonds of the Commonwealth to be designated "Commonwealth of Virginia Transportation Contract Revenue Bonds, Series .....," in an aggregate principal amount not exceeding $271,000,000 $366,900,000 to finance the cost of the projects plus an amount for the issuance costs, capitalized interest, reserve funds, and other financing expenses (the "Bonds"). The proceeds of the Bonds shall be used exclusively for the purpose of providing funds, with any other available funds, for paying the costs incurred or to be incurred for construction or funding of the projects which comprise the Northern Virginia Transportation District Program as hereinafter defined and as established in Article 5 (§ 33.1-267 et seq.) of Chapter 3 of Title 33.1, consisting of environmental and engineering studies, rights-of-way acquisition, improvements to all modes of transportation, construction and related improvements (the "projects"). Such costs may include the payment of interest on the Bonds for a period during construction and not exceeding one year after completion of construction of the projects.

The projects shall be classified as Category 1, Category 2 and, Category 3, and Category 4 projects, each category being subject to different preconditions. Bonds to finance the cost of Category 1 and Category 3 projects may be issued by the Commonwealth Transportation Board. Bonds to finance the cost of Category 2 projects may be issued by the Commonwealth Transportation Board only if the aggregate principal amount of $261,000,000 $361,900,000 in bonds has been issued to finance the cost of Category 1 and Category 3 projects. Category 34 projects shall not be financed through the issuance of bonds; however, after all Bonds authorized have been issued, then to the extent the Northern Virginia Transportation District Fund contains amounts in excess of the amount needed to pay annual debt service on such Bonds in a particular fiscal year, such excess amounts may be expended to pay the cost of the work identified as Category 34 projects.

The projects, and the amount of bonds authorized to be issued for each such project, are as follows and constitute the Northern Virginia Transportation District Program: 



Category 1 projects                 Bond amount

Metro Capital Improvements,
  including the
  Franconia-Springfield
  Metrorail Station                $ 85,600,000
Fairfax County Parkway             $ 87,000,000
Route 234 Bypass                   $ 73,400,000
Route 7 improvements between
  Route 15 and Route 28 in
  Loudoun County                   $ 15,000,000

Total                              $261,000,000




Category 2 projects consist of the Route 50/Courthouse Road 234
Bypass/Route 28 interchange improvements in
ArlingtonPrince William County, in the amount of
$10,000,000 $5,000,000.









Category 3 projects                 Bond amount

Route 50/Courthouse
  Road interchange                  $10,000,000
Fairfax County Parkway --
  Partially-funded segments
  between Route 1 and Route 7       $50,000,000
Route 234 Bypass from
  Route 28 to Route 234             $15,300,000
Route 28/Route 625
  interchange                       $ 7,900,000
King Street Metrorail Station
  access improvements and other
  Metrorail capital improvements
  in the City of Alexandria         $ 4,400,000
Metrorail Capital
  Improvements, including
  new rail car purchases            $13,300,000

Total                              $100,900,000




The Commonwealth Transportation Board shall distribute the proceeds of the
bonds to Category 3 projects in an amount or amounts necessary to expedite or
complete the Category 3 projects if the following conditions are satisfied:
(i) at least two of the jurisdictions participating in the Northern Virginia
Transportation District Program have entered into a contract pursuant to §
58.1-815.1 and (ii) the governing bodies of at least three of the jurisdictions
participating in the Northern Virginia Transportation District Program and
comprising a majority of population of the jurisdictions participating in such
Program have adopted resolutions endorsing the sale or sales of bonds to
support the Category 3 projects. 




The work identified as Category 34 projects to be funded
from the Northern Virginia Transportation District Fund, to the extent there
are sums in excess of the amount needed to pay debt service on the Bonds in a
given fiscal year, is as follows:




Category 34 projects




Such projects as may be concurred in by the local jurisdictions participating
in the Northern Virginia Transportation District Program, as evidenced by
resolutions adopted by an affirmative vote of a
majorityeach of the jurisdictions participating in the
Northern Virginia Transportation District Program and subject to such
guidelines and conditions as may be promulgated by the Commonwealth
Transportation Board.




The 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 the Bonds.  The
Treasury Board's duties shall include the approval of the terms and structure
of the Bonds.  In the event the aggregate principal amount of the issuance, for
the projects and amounts authorized by the 1994 amendments to Chapter 391 of
the Acts of Assembly of 1993, is less than $127,000,000, the Commonwealth
Transportation Board shall cause each Category 1 project to be shared in the
reduced issuance by reducing the proceeds of the Bonds for each of the Category
1 projects on a pro rata basis.  For purposes of making such computation,
the 1993 issuance of Bonds and the amount of bond proceeds allocated to each
Category 1 project in 1993 shall be disregarded. 




3.  That if any part of this act or the application thereof to any person or
circumstance is held invalid by a court of competent jurisdiction, such holding
shall not affect the validity of the remainder of the provisions or
applications of the act which can be given effect without the invalid provision
or application, and to this end the provisions of this act are severable.  It
is the intent of the General Assembly that only nongeneral funds be
appropriated as the state share required to cover the cost of debt service
resulting from the additional $95.9 million in bond authorization.