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2002 Session

Budget Amendments - SB30 (Conference Report)

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Route 28 PPTA (language only)

Item 491 #8c

Item 491 #8c

Transportation
Transportation, Department of

Language
Page 348, line 20, after "C.",  insert "C1."
Page 348, line 34, after "bonds", insert "(the Series 1992 Bonds)".
Page 348, line 38, strike "bonds" and insert "Series 1992 Bonds".
Page 348, after line 40, insert:
"2.  On and after the full defeasance of the Series 1992 Bonds, there is hereby appropriated for payment immediately upon receipt to a third party approved by the Commmonwealth Transportation Board, or a bond trustee selected by such third party, 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."


Explanation
(The purpose of this amendment is to ensure that locally derived Route 28 special district tax revenues will be appropriated to a third party, such as a public benefit corporation or other debt issuer, to secure and provide payment of debt service on up to $400 million of Route 28 bonds to be issued by a third party pursuant to a contract for the new Route 28 Public-Private Transportation Act proposal. These bonds also would be used to refinance existing Route 28 improvement bonds.)