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2002 Session

Budget Amendments - HB29 (Committee Approved)

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FRANS Flexibility (language only)

Item 525 #6h

Item 525 #6h

Transportation
Transportation, Department of

Language
Page 419, strike lines 11 through 26.
Page 419, after line 10, insert:
"1. The project list included in Enactment 3 of Chapters 1019 and 1044, Acts of Assembly of 2000, is amended to include by reference all projects listed in the Transportation Development Program as adopted and as may be amended from time to time by the Commonwealth Transportation Board, as well as all projects listed in the secondary roads' six-year programs as adopted and as may be amended from time to time by the county Boards of Supervisors.  These projects are eligible for funding from proceeds of the Federal Highway Reimbursement Anticipation Notes.  Enactment 2 of such Chapter is amended to increase the authorized amount of outstanding Federal Highway Reimbursement Notes at any one time to $1,200,000,000.  For those Federal Highway Reimbursement Anticipation Notes issued prior to January 1, 2002, the Department may allocate these notes to approved projects as needed to address cash-flow needs.  For those Federal Highway Reimbursement Anticipation Notes issued after January 1, 2002, the Commonwealth Transportation Board shall allocate such funds as are required to meet contractual commitments already in effect for transit, rail, port and airport projects contained in Chapters 1019 and 1044, Acts of Assembly of 2000, and shall allocate remaining funds in the same proportions as each highway construction district received pursuant to Chapters 1019 and 1044, Acts of Assembly of 2000."


Explanation
(This amendment expands flexibility in the use of FRANS to include all projects included in the VDOT six-year program and in the secondary roads' six-year programs. It further requires that FRANS sold after January 1, 2002, be distributed among the VDOT construction districts in the same proportion as identified in the VTA after funding is set aside to fulfill already signed contractual commitments for other modal projects.)