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1999 SESSION

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HB 2088 Route 58 Corridor Development and No. Va. Transp. District.

Introduced by: Whittington W. Clement | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

U. S. Route 58 Commonwealth of Virginia Transportation Revenue Bond Act of 1999. Increases the maximum principal amount of the Transportation Revenue Bonds for the U.S. Route 58 Corridor Development Program from $600 million to $704.3 million. The measure also increases the amount of bonds that may be issued for the Northern Virginia Transportation District Program by $104.3 million.

SUMMARY AS PASSED HOUSE:

U. S. Route 58 Commonwealth of Virginia Transportation Revenue Bond Act of 1999. Authorizes the issuance of U. S. Route 58 Commonwealth of Virginia Transportation Revenue Bonds pursuant to the provisions of §§ 33.1-267 through 33.1-295 and Article X, Section 9 (d) of the Virginia Constitution in an amount not exceeding $300,000,000 along with $300,000,000 of additional bond authorization for Northern Virginia transportation projects and authorizes $59,000,000 of mass transit bonds. The bill authorizes the Transportation Board to issue the bonds to be sold through the Treasury Board, either at public or private sale. The bonds are not backed by the full faith and credit of the Commonwealth.

SUMMARY AS INTRODUCED:

U. S. Route 58 Commonwealth of Virginia Transportation Revenue Bond Act of 1999. Authorizes the issuance of U. S. Route 58 Commonwealth of Virginia Transportation Revenue Bonds pursuant to the provisions of §§ 33.1-267 through 33.1-295 and Article X, Section 9 (d) of the Virginia Constitution in an amount not exceeding $300,000,000. The purpose of the bonds is to provide funds for paying, together with any other available funds, the cost of the continued construction of an adequate, modern, safe, and efficient highway system along Virginia's southern border, which comprises the Route 58 Corridor. The bill authorizes the Transportation Board to issue the bonds to be sold through the Treasury Board, either at public or private sale. The bonds are not backed by the full faith and credit of the Commonwealth.