1997 Session

Budget Amendments - HB1600 (Committee Approved)

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Port Authority Improvements

Item C-7 #3h

Item C-7 #3h

First Year - FY1997 Second Year - FY1998
Central Appropriations
Debt Bonds 9(D) FY1997 $88,000,000 FY1998 $0 NGF

Page 385, line 41, strike "$192,379,837" and insert "$280,379,837".
Page 387, after line 1, insert:
"Virginia Port Authority:  Umbrella Capital Projects   xxxxx   $88,000,000"
Page 387, after line 37, insert:
"C.  The conditions set out in § 2-0.J of this act shall be applicable to the Virginia Port Authority project provided for in this item.  The bonds for such project shall be issued pursuant to § 62.1-140, Code of Virginia."

(This amendment provides expenditure authority pursuant to Article X, §9 D of the Constitution to issue bonds for various port improvement projects to be paid from terminal revenues. $70.0 million will be used for new capital projects, including development of Norfolk International Terminals North, and $18.0 million will be used to defease Series 1993 bonds.)