2002 Session

Budget Amendments - HB30 (Committee Approved)

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Repayment of VDOT Loan

Item 512 #11h

Item 512 #11h

First Year - FY2003 Second Year - FY2004
Central Appropriations
Central Appropriations FY2003 $0 FY2004 $110,000,000 GF

Page 369, line 1, strike "$27,201,049" and insert "$137,201,049".
Page 373, after line 13, insert:
"M. This appropriation includes $110,000,000 the second year from the general fund to reimburse the Virginia Department of Transportation for any amount transferred to the general fund in the first year pursuant to the provisions of Item 3.1-01 W.  Repayment of such amounts shall occur on or before August 15, 2003.  In the event that the amount transferred from the Highway Account of Transportation Trust Fund in the first year is less than $110,000,000, any amount remaining shall be used to reduce the across-the-board reductions imposed pursuant to Item 506 of this act."

(This amendment provides for repayment of any first-year loan from VDOT to the general fund by August 15, 2003, and stipulates that if the general fund has not borrowed the full $110 million from VDOT, any remaining funds will be used to reduce agency across-the-board reductions.)