1999 Session

Budget Amendments - HB1450 (Member Request)

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Chief Patron: Governor Gilmore
Transit Capital Fund (language only)

Item 514 #1h

Item 514 #1h

Transportation, Secretary of

Page 399, line 39, after "funding" insert:
"Notwithstanding §58.1-638 (4) (c), Code of Virginia, the Commonwealth Transportation Board is hereby authorized to set aside an amount not exceeding $4,417,900 in fiscal year 2000 and allocate these funds as matching funds, including funds used for debt service payments, for major transit capital projects in the Commonwealth.  The Secretary of Transportation shall report any such allocation to the Chairmen of the House Appropriations and Senate Finance Committees."

(This amendment provides flexibility for the allocation of $4.4 million in the mass transit fund in the second year. This amount could fund the debt service of approximately $59 million in transit capital projects, assuming a 25 year amortization at 5.5 percent interest.)