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2013 SESSION

13102435D
HOUSE BILL NO. 1953
Offered January 9, 2013
Prefiled January 9, 2013
A BILL to amend and reenact § 2 of the first enactment of Chapter 8 of the Acts of Assembly of the Second Special Session of 1989, as amended by the second enactment of Chapter 538 of the Acts of Assembly of 1999, relating to issuance of bonds for the U.S. Route 58 Corridor Development Program.
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Patrons-- Poindexter, Crockett-Stark, Johnson, Marshall, D.W., Merricks, O'Quinn, Rush and Yost; Senator: Stanley
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Referred to Committee on Appropriations
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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, as amended by the second enactment of Chapter 538 of the Acts of Assembly of 1999, 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 Revenue Bonds, Series .....," in an aggregate  a principal amount not exceeding $704,300,000 outstanding at any time, 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).

Of the $104.3 million increase in bond issuance authorized by the 1999 Session of the General Assembly, $82 million shall be issued for portions of the Project as follows:

  Portion of the Project                    Bond amount
  Ben Hur to Pennington Gap in Lee County     $ 9,800,000
  Pennington Gap to Dryden in Lee County      $35,600,000
  Anticipated shortfall on the Danville
    Bypass, Clarksville Bypass, Stuart
    Bypass, and completion of a gap west
    of Jonesville in Lee County               $35,100,000
  Taylors Valley in Washington County         $ 1,500,000
  Total                                       $82,000,000

The remaining balance of the bond issuance in the amount of $22.3 million, together with any bond issuance not necessary to complete the above projects, shall be issued for right-of-way acquisition from the Town of Stuart, in Patrick County along the Route 58 corridor to its intersection with Interstate 77 in Carroll County.

Beginning July 1, 2013, completion of the following portions of the Project shall have priority over any other portions of the Project. 


  Portion of the   Project
  
  Crooked Oak Section
     ROW Acquisition Costs
     Utility Relocation Costs
     Permitting and Mitigation Costs
     Design Costs
     Construction and Inspection Costs
  Total Estimated Cost
  
  Vesta Section
     ROW Acquisition Costs
     Utility Relocation Costs
     Permitting and Mitigation Costs
     Design Costs
     Construction and Inspection Costs
  Total Estimated Cost
  
  Lover's Leap Section
     ROW Acquisition Costs
     Utility Relocation Costs
     Permitting and Mitigation Costs
     Design Costs
     Construction and Inspection Costs
  Total Estimated Cost

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.