2016 Session

Budget Amendments - HB30 (Committee Approved)

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Port Opportunity Fund (language only)

Item 464 #2h

Item 464 #2h

Virginia Port Authority


Page 391, after line 21, insert:

"C. 1. Notwithstanding the provisions of § 62.1-132.3:1, Code of Virginia, the Treasurer shall not transfer to the Port Opportunity Fund an amount equal to five percent of that year's revenues from terminal operations unless the Secretary of Transportation determines that such a transfer is in the long-term interest of the Authority.  Such determination shall be made in writing by the Secretary of Transportation to the Executive Director of the Authority and the Treasurer no later than August 30 of the ensuing fiscal year.

2.  The Secretary, in conjunction with the Port Authority Board of Commissioners, shall evaluate whether the forecasted revenue and the planned operational and capital needs of the Virginia Ports Authority for the next ten years support the mandatory deposit of funding into, and continuation of, the Port Opportunity Fund as required by  § 62.1-132.3:1, Code of Virginia, and report to the General Assembly its recommendations regarding modifications to or the elimination of such requirements no later than November 15, 2016."


(This amendment directs the VPA Board of Commissioners and the Secretary of Transportation to evaluate whether the current structure of the Port Opportunity Fund is in the best long-term interest of the Port Authority and report its findings to the General Assembly by November 15, 2016. It also eliminates the automatic transfer of excess terminal revenues to the Fund and instead stipulates such a deposit will occur only upon request.)