Item 544 | First Year - FY1999 | Second Year - FY2000 |
|---|---|---|
| Port and Port Facility Management (62600) | $32,600,469 | $33,830,932 |
| Maintenance of Ports and Facilities (62601) | FY1999 $6,510,590 | FY2000 $7,720,871 |
| Port Facilities Acquisition (62602) | FY1999 $21,834,371 | FY2000 $21,833,476 |
| Security Services (62603) | FY1999 $3,090,508 | FY2000 $3,111,585 |
| Terminal Administration (62604) | FY1999 $365,000 | FY2000 $365,000 |
| Financial Assistance to Local Ports (62605) | FY1999 $800,000 | FY2000 $800,000 |
| Fund Sources: | ||
| Special | FY1999 $10,622,081 | FY2000 $10,642,263 |
| Commonwealth Transportation | FY1999 $21,978,388 | FY2000 $23,188,669 |
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 issued bonds in the amount of $38,300,000 for the purposes of completing the Phase II Expansion at Norfolk International Terminals and replacing and improving equipment at other port facilities. The Director of the Department of Planning and Budget is authorized to adjust the fund sources for Capital Project 407-14271 for the bonds authorized in this paragraph, provided that the total appropriations for the project does not exceed the $75,482,880 previously authorized.
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 or any bonds payable from the revenues of the Commonwealth Port Fund and issued to refund the Series 1988 Bonds, there is hereby appropriated a sum sufficient first from the legally available monies in the Transportation Trust Fund and then from the general fund to provide for this debt service. Total debt service during the first year on the bonds referenced in this paragraph A.2. is estimated at $13,981,134 and $13,978,189 during the second year.
B. In accordance with § 62.1-140, Code of Virginia, the Virginia Port Authority has issued Port Facilities Revenue Bonds, Series 1997, in the amount of $98,065,000 to finance the cost of capital projects for the Virginia Port Authority marine and intermodal terminals. Total debt service on the bonds referenced in this Paragraph B. is estimated at $6,854,950 the first year and $6,857,000 the second year from special funds.