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1998 Session

Budget Amendments - SB30 (Conference Report)

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Fund New No.Va. Trans. Bonds

Item 523 #3c

Item 523 #3c

First Year - FY1999 Second Year - FY2000
Transportation
Transportation, Department of FY1999 $3,800,000 FY2000 $7,900,000 NGF

Language
Page 306, line 10, strike "$1,201,402,033" and insert "$1,205,202,033".
Page 306, line 10, strike "$1,168,873,057" and insert "$1,176,773,057".
Page 307, strike lines 41 through 58, and insert:
"E.1.  The Commonwealth Transportation board shall maintain the Northern Virginia Transportation District Fund, hereinafter referred to as the "Fund."  The Fund shall include at least the following elements:
a) Amounts transferred from Item 282 of this Act to this item;
b) Up to $3,000,000 the first year and up to $3,000,000 the second year from the general fund;
c) Any public right-of-way use fees allocated by the Department of Transportation pursuant to §56-468.1 of the Code of Virginia and attributable to the counties of Fairfax, Loudoun, and Prince William, the amounts estimated at $2,800,000 the first year and $3,400,000 the second year;
d) Any amounts which may be deposited into the Fund pursuant to a contract between the Commonwealth Transportation Board and a jurisdiction or jurisdictions participating in the Northern Virginia Transportation District Program, the amounts estimated to be $1,000,000 the first year and $1,000,000 the second year; and,
e) $3,500,000 the second year from Commonwealth Transportation Funds.
2.  The Fund shall support the issuance of bonds at a total authorized level of $361,900,000 for the purposes provided in the Northern Virginia Transportation District, Commonwealth of Virginia Revenue Bond Act of 1993 (Chapter 391, Acts of Assembly of 1993), for the purposes provided in Chapters 470 and 597, Acts of Assembly of 1994 (Amendments to the Northern Virginia Transportation District, Commonwealth of Virginia Revenue Bond Act of 1993), and for the purposes provided by the 1998 amendments to the Northern Virginia Transportation District, Commonwealth of Virginia Revenue Bond Act of 1993 (1998 House Bill 1117/Senate Bill 566).
Page 307, line 59, strike "2." and insert "3."
Page 308, line 7, strike 3. and insert "4."
Page 308, line 14, strike "4." and insert "5."


Explanation
(This amendment appropriates $2.8 million in public right-of-way use fees and $1.0 million in designated local revenues the first year, and $3.5 million in public right-of-way use fees, $1.0 million in designated local revenues, and $3.5 million in Commonwealth Transportation Funds the second year, to finance debt service on $100.9 million in bonds to be issued for projects in the Northern Virginia Transportation District Program. About $10.0 million in bonds are currently authorized, but unsold. An additional $90.9 million in new bonds are authorized in House Bill 1117 / Senate Bill 566.)