2016 Session

Budget Amendments - SB30 (Member Request)

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Chief Patron: Wexton
Dulles Greenway (language only)

Item 436 #9s

Item 436 #9s

Secretary of Transportation


Page 372, following line 12, insert:

"M.  The Commonwealth Transportation Board shall convene a subcommittee to review the outstanding bonds of the Toll Road Investors Partnership II (TRIP II) in order to determine which bonds could be replaced with lower rate revenue bonds without triggering a financial penalty and allow the Commonwealth to purchase a partial ownership share of the Dulles Greenway.  In conducting this review, the Board shall determine what ownership percentage the Commonwealth shall hold in order to enact toll-reduction measures including, but not limited to: (i) the granting of tax-exempt status, (ii) elimination of Virginia State Police charges, (iii) state maintenance including snow removal, and (iv) the implementation of distance-based pricing.  The Board shall consult with interested stakeholders to develop an optimized buy-back plan and report its findings to the Secretary of Transportation, and the Chairmen of the House Committees on Appropriations and Transportation and the Senate Committees on Finance and Transportation no later than August 31, 2016.".


(This amendment directs the CTB to develop a recommended approach to purchasing an ownership share in the privately owned Dulles Greenway.)