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1999 SESSION
999575757Patrons-- Hawkins, Holland, Lucas, Marye, Puckett, Reynolds, Stolle and Wampler; Delegates: Bryant and Clement
Be it enacted by the General Assembly of Virginia:
1. That § 2 of the first enactment of Chapter 8 of the Acts of Assembly of the Second Special Session of 1989 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 of the Code of Virginia, 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 $600,000,000 $975,000,000 to finance the cost of the
project plus an amount for the issuance costs, reserve funds, and other financing expenses. The
proceeds of such bonds shall be used exclusively for the purpose of providing funds, with any other
available funds, for paying all costs incurred or to be incurred for the
construction of an adequate, modern, safe, and efficient highway system,
generally along Virginia's southern boundary and which comprises the U.S. Route
58 Corridor Development Program as established in § 33.1-221.1:2, consisting of
the environmental and engineering studies, rights of way acquisition, construction
and related improvements (the Project).
Such revenue 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 such bonds. The Treasury Board's duties shall include the approval of the terms and structure of the bonds.
2. 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.