2001 Session

Budget Amendments - SB800 (Committee Approved)

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Capital Lease Program for Transit Properties

Item 518 #1s

Item 518 #1s

First Year - FY2001 Second Year - FY2002
Rail and Public Transportation, Department of FY2001 $0 FY2002 $17,970,000 NGF

Page 450, line 30, strike "$126,263,844" and insert "$144,233,844".
Page 450, line 36, strike "$22,978,500" and insert "40,949,320".
Page 453, after line 4, insert:
"L.1.  The capital assistance program includes an estimated $17,970,820 in federal minimum guarantee and surface transportation program funds in accordance with Item 506 of this Act.  Staffs of the Departments of Transportation, Rail and Public Transportation, and Treasury shall develop and implement a program by September 1, 2001 to assist mass transit properties in the short-term financing of equipment and other capital assets needed by the properties.  Payments for such financings shall come from the capital assistance program.  The program's funding requirement in any fiscal year shall not exceed the federal funding allocated to the program and may include interest rate subsidies.  The program shall be revolving and may be administered by a third-party vendor.  The Departments shall report to the Chairmen of the Senate Finance and House Appropriations Committees on the program once it has been implemented and no later than October 15, 2001.
2.  Funding for the Virginia Railway Express contract fees to CSX, Norfolk Southern, and National Railroad Passenger Corporation shall be considered in the allocation of funds from the capital assistance program. "

(This amendment directs $17.9 million in federal transportation funds to the mass transit capital assistance program and requires the program to consider Virginia Railway Express contract fees as part of its allocation process. It further directs the Commonwealth Transportation Board and the Treasury Board to develop a short-term financing program for equipment and other capital assets needed by the mass transit properties. For example, a 3-year equipment lease program would allow mass transit properties to finance $45 million in capital needs in FY 2002. This financing would fully fund the mass transit capital program.)