Item 526 | First Year - FY1997 | Second Year - FY1998 |
|---|---|---|
| Port and Port Facility Management (62600) | $20,024,932 | $23,061,001 |
| Maintenance of Ports and Facilities (62601) | FY1997 $2,121,159 | FY1998 $2,121,159 |
| Port Facilities Acquisition (62602) | FY1997 $13,888,178 | FY1998 $16,924,247 |
| Security Services (62603) | FY1997 $2,850,595 | FY1998 $2,850,595 |
| Terminal Administration (62604) | FY1997 $365,000 | FY1998 $365,000 |
| Financial Assistance to Local Ports (62605) | FY1997 $800,000 | FY1998 $800,000 |
| Fund Sources: | ||
| General | FY1997 $220,000 | FY1998 $0 |
| Special | FY1997 $5,455,514 | FY1998 $5,472,044 |
| Commonwealth Transportation | FY1997 $14,349,418 | FY1998 $17,588,957 |
Authority: Title 62.1, Chapter 10, and Title 33.1, Chapter 1, Code of Virginia.
A.1. In accordance with § 62.1-140, Code of Virginia, the Virginia Port Authority is hereby authorized to issue bonds for the purposes of completing the Phase II Expansion at Norfolk International Terminals and replacing and improving equipment at other port facilities. The bond issue is not to exceed $38,304,490 in the biennium. This item includes an appropriation of $3,339,169 the second year in Commonwealth Transportation Port Funds for estimated debt service of the bond issue.
2. In the event revenues of the Commonwealth Port Fund are insufficient to provide for the debt service on the Virginia Port Authority Commonwealth Port Fund Revenue Bonds, Series 1988 or Series 1996, there is hereby appropriated a sum sufficient from the general fund to provide for this debt service. Total debt service during the second year on the bonds referenced in this Paragraph A. is estimated at $13,981,996.
B. If, in the opinion of the Secretary of Finance and the Secretary of Transportation, the sum of the net revenues of the Virginia Port Authority and any available monies of the Commonwealth Port Fund are insufficient to fund the debt service of the Port Facilities General Revenue Bonds, Series 1993, there is hereby appropriated a sum sufficient from the general fund to provide for this debt service. These payments are estimated at $1,898,749 the first year and $1,915,279 the second year.
C. Out of the amounts provided for Financial Assistance to Local Ports, $50,000 in the first year from Commonwealth Port Funds shall be used by the Port of Richmond to upgrade its cattle holding facilities.
D. The Secretary of Transportation and the Executive Director of the Virginia Port Authority shall examine the procurement activities of the Virginia Port Authority, including the development and implementation of internal controls, including procurement policies and procedures. On or before December 1, 1996, the Secretary of Transportation shall report to the Governor and the General Assembly the outcome of this examination and whether consideration should be given during the 1997 General Assembly session to the exemption of the Virginia Port Authority from the Virginia Public Procurement Act.