1999 Session

Budget Amendments - SB800 (Conference Report)

View Budget Item
View Budget Item amendments

Maglev for Virginia Beach (language only)

Item 514 #3c

Item 514 #3c

Transportation, Secretary of

Page 400, strike lines 37 through 62
Page 401, strike lines 1 through 7 and insert:
"E. The Secretary of Transportation is authorized to negotiate a lawful memorandum of understanding agreement with proponents of magnetic levitation technology and other parties, including a local government or a local transportation authority, that could result in a financing agreement for a magnetic levitation research demonstration project which will be placed into passenger/revenue service.  Any allocation or loan of state transportation funds by the Commonwealth Transportation Board for a demonstration project shall not exceed $7,000,000, and shall require an equal amount of private matching funds.  Any memorandum of understanding shall require approval by the Board, and require that funds advanced for the demonstration project shall be restored to the Commonwealth out of the proceeds of this and future magnetic levitation projects which utilize the demonstrated technology, in accordance with terms agreeable to the parties.  For the purposes of this project, any public bodies which are parties to the agreement will be exempt from the capital appropriations process and the requirements of § 2.1-504.2, Code of Virginia and from state and local procurement requirements.  The agreement shall provide for semiannual reports to the Chairmen of the House Appropriations and Senate Finance Committees on the progress of the project, including an account of how funds have been expended to date and the project's spending plans for the next six months.  The Board will notify the Chairmen of the House Appropriations and Senate Finance Committees of the terms and conditions of any agreement at least 30 days prior to the effective date of the agreement."

(This amendment authorizes the Secretary of Transportation to negotiate a financing agreement with proponents of magnetic levitation technology and a local government. If approved by the Commonwealth Transportation Board, an agreement could provide up to $7,000,000 in state transportation fund loans or allocations for a magnetic levitation demonstration project.)