2006 Special Session I

Budget Amendments - HB5002 (Committee Approved)

Transportation Reserve Fund

Item 463.10 #1h

Item 463.10 #1h

First Year - FY2007 Second Year - FY2008
Central Appropriations
Central Appropriations FY2007 $806,200,000 FY2008 $224,100,000 GF

Page 409, after line 33, insert:
"A. Included in this item is $806,200,000 in the first year and $224,100,000 in the second year from the general fund to be used to implement the Transportation Initiative of 2006 pursuant to such legislation as may be adopted during the 2006 Special Session I of the General Assembly or subsequent Sessions of the General Assembly.
B. These amounts include $138,800,000 in the first year and $146,700,000 in the second year, representing one-third of the revenues generated by the insurance license tax which shall be deposited into the Commonwealth Transportation Fund for maintenance and construction purposes.
C.  The appropriation provided above shall be used to:
1. Expedite the completion of highway, port, rail and mass transit projects across the Commonwealth, including those designated projects included in P.L. 109-59 of the 109th Congress;
2. Offset the debt service payment requirements on the Transportation Trust Fund attributable to the $317,000,000 of Federal Reimbursement Anticipation Notes issued to replace the monies diverted to the general fund in fiscal year 2003; and
3. Provide funding for a Northern Virginia Transportation Investment Fund and a Hampton Roads Transportation Investment Fund."

(This amendment establishes a reserve fund containing the general fund amounts dedicated to transportation improvements in the House Transportation Package as adopted by the 2006 General Assembly.)