Mag Lev (language only)

Item 486 #3h

Language
Page 345, line 54, before "Out", insert "A."
Page 346, after line 6, insert:
"B. The magnetic levitation transportation program authorized by Item 506 of Chapter 1073 of the Acts of Assembly of 2000 is continued.  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 shall 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 Board shall 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."

Explanation
(This amendment is self-explanatory.)