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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

SUMMARY AS PASSED: (all summaries)

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.


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