1997 Session

Budget Amendments - SB700 (Conference Report)

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Port Authority Improvements

Item C-7 #3c

Item C-7 #3c

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 $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. Of the amount authorized, $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.)