2002 Session

Budget Amendments - SB29 (Member Request)

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Chief Patron: Howell
Co-Patron(s): Saslaw
Route 28 Freeway Association (language only)

Item 525 #2s

Item 525 #2s

Transportation, Department of

Page 415, line 29, after "C." insert "1." .
Page 415, line 43, after "bonds" insert "(the Series 1992 Bonds")
Page 415, line 47, strike "bonds" and insert ""Series 1992 Bonds"."
Page 415, after line 49, insert:
"2.  On and after the full defeasance of the "Series 1992 Bonds", there is hereby appropriated for payment immediately upon receipt to the Route 28 Freeway Association (the "Association"), or a bond trustee selected by the Association, a sum sufficient equal to the special tax revenues collected by the Counties of Fairfax and Loudoun (the "Counties") within the State Route 28 Highway Transportation Improvement District and paid to the Commonwealth Transportation Board by or on behalf of the State Route 28 Highway Transportation Improvement District Commission (the "District Commission") pursuant to
15.2-4600 et. seq., Code of Virginia, and a contract (the "District Contract") between the Commonwealth Transportation Board and the District Commission."

(This amendment is to ensure that locally-derived special tax revenues will be appropriated to pay Association administrative expenses, to secure, and to provide for the payment of debt service on up to $400,000,000 of Association bonds for the new Route 28 Public Private Transportation Act proposal pursuant to a contract between the Association and the Commonwealth Transportation Board. These new bonds will also refinance existing Route 28 improvement bonds.)