2016 Session

Budget Amendments - SB30 (Committee Approved)

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NIT Capital Improvement Project (language only)

Item 463 #1s

Item 463 #1s

Virginia Port Authority


Page 390, following line 51, insert:

"E. Notwithstanding § 33.2-1527B, Code of Virginia, out of the funds made available in Item 453, an amount up to $47,000,000 the first year and $88,000,000 the second year shall be provided to the Virginia Port Authority for terminal improvement projects identified in Item C-43 of this Act.  No state supported bond proceeds or other amounts authorized for this purpose shall be made available to the Virginia Port Authority until the MEI Project Approval Commission, as established under Chapter 47 of Title 30, Code of Virginia, has received and reviewed a plan of finance for all long range capital improvements at all Port of Virginia facilities including, but not limited to, the long-range financial forecast for port terminal revenues as well as Commonwealth Port Fund revenues, audited financial statements for the previous five fiscal years, and unaudited financial statements for the current fiscal year. In addition to these documents, the Virginia Port Authority shall provide a copy of all contractual documents and compensation incentives agreed to between the Board and the Chief Executive Officer.".


(This amendment dedicates unobligated balances of the Priority Transportation Fund to the NIT Capital Improvement Project Identified in Item C-43.)