1999 Session

Budget Amendments - HB1450 (Committee Approved)

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Transit Capital Fund

Item 534 #5h

Item 534 #5h

First Year - FY1999 Second Year - FY2000
Rail and Public Transportation, Department of FY1999 $0 FY2000 $5,000,000 NGF

Page 411, line 26, strike "$113,751,800" and insert "$118,751,800".
Page 413, after line 38, insert:
"K.  Out of this appropriation, $5,000,000 in transportation revenues shall be allocated the second year to establish a Public Transit Capital Fund.  The fund shall be administered by the Department of Rail and Public Transportation and may be used to provide debt service on bonds issued by the Commonwealth Transportation Board for transit capital projects, or to provide cash supplements for transit capital projects.  To the extent practicable, the proceeds of the fund shall be used as the state match for additional federal funding.  Projects financed by the fund shall receive local, regional or private funding for at least 20 percent of the non-federal share of the total project cost.  By December 1, 1999, the Secretary of Transportation shall report to the Governor and the Chairmen of the House Appropriations and Senate Finance Committees on a plan for financing projects with the fund's proceeds."

(This amendment is self-explanatory.)