2011 Session

Budget Amendments - SB800 (Committee Approved)

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Virginia Transportation Infrastructure Bank

Item 452 #3s

Item 452 #3s

First Year - FY2011 Second Year - FY2012
Transportation, Department of FY2011 ($150,000,000) FY2012 $0 GF

Page 386, line 7, strike "$1,215,144,626" and insert "$1,065,144,626".
Page 386, line 20, strike "General............$150,000,000".
Page 387, strike line 2 through line 16, and insert:
"G.1. The Commonwealth Transportation Board may elect to deposit an amount not to exceed $250,000,000 in Commonwealth Transportation Fund balances to the Virginia Transportation Infrastructure Bank established within the Virginia Resources Authority pursuant to Senate Bill 1446 of the 2011 General Assembly.  Notwithstanding any other provision of law, this item shall be the sole authority for capitalizing the bank.  
2. As a condition of this appropriation, and prior to the transfer of any Commonwealth Transportation Funds to the bank, the Secretary of Transportation shall certify in writing to the Governor and the Chairman of the Senate Committees on Finance and Transportation and the House Committees on Appropriations and Transportation a plan that shall include, but not be limited to, identification by UPC number of all individual project balances to be transferred and the corresponding fund source, the status of such project within the Six-Year Construction Plan, and the effect of transferring any such project balances prior to the completion of the project.
H. Notwithstanding the provisions of § 2.2-1514, Code of Virginia, any general fund balances remaining as of the close of the fiscal year ending June 30, 2010 shall not be appropriated or designated for any transportation related purpose."
Page 387, line 17, strike "H" and insert "I".
Page 387, line 20, strike "I" and insert "J".

(This amendment eliminates any general fund deposits to the Virginia Transportation Infrastructure Bank and requires the Secretary of Transportation to certify to the Governor and the General Assembly all project balances that are proposed for transfer to the Transportation Infrastructure Bank.)