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2015 Session

Budget Amendments - HB1400 (Member Request)

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Chief Patron: Minchew
Co-Patron(s): Greason
NVTA Funds for Dulles Greenway (language only)

Item 427 #1h

Item 427 #1h

Transportation
Transportation, Secretary of

Language
Page 399, after line 14, insert:
"N.  1. The Commonwealth Transportation Board is hereby authorized, by and with the consent of the Governor, to issue, pursuant to the provisions of the State Revenue Bond Act (§ 33.1-267 et seq. of the Code of Virginia), as amended from time to time, revenue obligations of the Commonwealth to be designated "Commonwealth of Virginia Dulles Greenway Revenue Bonds, Series ….." at one or more times to (i) acquire and (ii) if determined necessary by the Commonwealth Transportation Board, improve or upgrade the Dulles Greenway as defined under § 33.1-23.03:11 of the Code of Virginia (the Project). The aggregate principal amount of Bonds that may be issued under this Act, after all costs, shall be conditioned upon the revenues from the tolls or other charges to be imposed for the use of the Dulles Greenway as proposed and established by the Commonwealth Transportation Board pursuant to § 33.1-23.03:11 of the Code of Virginia, as follows: the revenues from the tolls or other charges proposed by the Commonwealth Transportation Board for the use of the Dulles Greenway shall reasonably be expected by the Board to pay (a) in full and when payable the debt service on all Bonds, anticipation notes, or other obligations issued or entered into by the Commonwealth Transportation Board under this Act for the Project; (b) the ongoing costs of operating and maintaining the Dulles Greenway; (c) the costs of purchasing and installing electronic tolling equipment or other equipment for the Dulles Greenway if such equipment is determined necessary; and (d) ongoing necessary administrative costs relating to the Dulles Greenway. No Bonds, anticipation notes, or other obligations shall be issued or entered into under this Act unless the Treasury Board provides through a written certification provided to the Governor and the Commonwealth Transportation Board its opinion that the revenues from the tolls or other charges proposed by the Commonwealth Transportation Board for the use of the Dulles Greenway are reasonably expected to result in a debt service coverage ratio of at least 1.25, taking into consideration the costs under clauses (b), (c), and (d). Nothing in this Act shall be construed or interpreted as to require the Commonwealth Transportation Board to acquire the Dulles Greenway as defined under § 33.1-23.03:11 of the Code of Virginia. 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 the Project. The proceeds of the Bonds, including any premium received on the sale thereof, shall be made available by the Commonwealth Transportation Board to pay the costs of the Project. The proceeds of the Bonds may be used together with any federal, local, or private funds that may be made available.
2.  If the Board acquires the Dulles Greenway, it shall impose tolls or other charges on all classes of vehicles in amounts established by the Board for the use of the Dulles Greenway. The Board shall propose and establish toll rates or other charges such that the revenue therefrom is reasonably expected to pay (i) in full and when payable the debt service on all bonds or obligations issued by the Commonwealth Transportation Board to acquire and, if necessary, improve or upgrade the Dulles Greenway; (ii) the ongoing costs of operating and maintaining the Dulles Greenway; (iii) the costs of purchasing and installing electronic tolling equipment or other equipment for the Dulles Greenway if such equipment is determined necessary; and (iv) ongoing necessary administrative costs relating to the Dulles Greenway."


Explanation
(This amendment authorizes the Commonwealth Transportation Board to issue revenue bonds serviced by toll revenues on the Dulles Greenway for the purpose of allowing for the Commonwealth to purchase the Dulles Greenway, This budget amendment is in furtherance of the purpose behind House Bill 1979, 2013 Session of the General Assembly but provides the enabling authority through the Budget Bill.)