2005 Session

Budget Amendments - HB1500 (Member Request)

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Chief Patron: Hamilton
Payment in Lieu of Taxes

Item 497 #1h

Item 497 #1h

First Year - FY2005 Second Year - FY2006
Virginia Port Authority FY2005 $0 FY2006 $4,000,000 GF

Page 450, line 21, strike "$54,537,460" and insert "$58,537,460".
Page 452, after line 41, insert:
"D. Out of this appropriation $4,000,000 the second year from the general fund is provided for the payment in lieu of taxes to the cities of Norfolk, Newport News, and Portsmouth; and the County of Warren for the operations of the Virginia Port Authority.  Payments to these localities shall be made in accordance with § 58.1-3403(d), Code of Virginia."

(This amendment provides $4.0 million from the general fund in the second year to fund the formula set out in § 58.1-3403(d), Code of Virginia, for providing payment in lieu of taxes for localities that host Virginia's port facilities (Portsmouth, Norfolk, Newport News and Warren County.)