2008 Session

Budget Amendments - HB30 (Conference Report)

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NGF Authorization (language only)

Item 459 #1c

Item 459 #1c

Transportation, Department of

Page 409, line 56, after "Fund.", insert:
"The Commonwealth Transportation Board is hereby authorized, by and with the consent of the Governor, to issue, pursuant to the applicable provisions of the State Revenue Bond Act (§ 33.1-267 et seq., Code of Virginia) as amended from time to time, revenue obligations of the Commonwealth to be designated "Commonwealth of Virginia Transportation Capital Projects Revenue Bonds, Series 2009" at one or more times in an aggregate principal amount not to exceed $180,000,000, after all costs.  The net proceeds of the Bonds shall be used exclusively for the purpose of providing funds for paying the costs incurred or to be incurred for construction or funding of transportation projects set forth in Item 449.10 of Chapter 847 of the Acts of Assembly of 2007, including but not limited to environmental and engineering studies; rights-of-way acquisition; improvements to all modes of transportation; acquisition, construction and related improvements; and any financing costs and other financing expenses. Such costs may include the payment of interest on the Bonds for a period during construction and not exceeding one year after completion of construction of the projects."

(This amendment authorizes the Commonwealth Transportation Board to issue $180 million in bonds to replace general funds that were appropriated for this purpose by the 2007 General Assembly. These general funds were from a projected surplus that never materialized due the economic downturn and were reverted to the general fund to balance the budget.)