Included in this item is $500,000,000 the first year from the general fund to be used to implement the following transportation initiatives:

1. $305,000,000 shall be transferred as necessary to meet required expenditures to the Transportation Partnership Opportunity Fund to advance acquisition and construction of the following projects, pursuant to § 33.1-12 or § 56-556 et seq, Code of Virginia: Capital Beltway HOT lanes, Hillsville Bypass, I-64/I-264 interchange, Rt. 50 widening in Loudoun and Fairfax Counties, an updated Environmental Impact Statement for Route 37 Eastern Bypass in Frederick County, and right-of-way owned by the Norfolk Southern Corporation and located between Newtown Road and the Oceanfront, and the Interstate 295/Meadowville Interchange.  Notwithstanding the limitations contained in § 33.1-221.1:8 E, Code of Virginia, the Governor shall provide sufficient grants and loans from this amount to advance acquisition and construction of the projects listed above.

2. $65,000,000 shall be transferred as necessary to meet required expenditures to the Rail Enhancement Fund to complete funding for the six I-95 rail corridor improvements underway and the travel-time improvements for passenger rail service between Main Street and Staples Mill Stations.  Any remaining funds are to be used to address Phase I of the I-81 Rail Corridor improvements, as identified by the Department of Rail and Public Transportation in the 2003 Northeast-Southeast-Midwest Corridor Marketing Study.

3. $45,000,000 shall be transferred as necessary to meet required expenditures to the Commonwealth Transit Capital Fund to be used to support rolling stock acquisition by the Washington Metropolitan Area Transit Authority ($20,000,000) and the Virginia Railway Express ($15,000,000), and for the Hampton Roads Transit Light Rail project ($10,000,000).  An additional $15,000,000 shall be transferred as necessary to meet required expenditures to the Mass Transit Capital Assistance Program.

4. $50,000,000 shall be transferred as necessary to meet required expenditures to the Commonwealth Port Fund to be used for port-related improvements in the Hampton Roads area.  Of this amount, up to $40,000,000 may be used to support the Route 164 median rail relocation project.  Any remaining funds shall be used to initiate planning for the Craney Island eastward expansion project.

5. $20,000,000 shall be transferred as necessary used to supplement the Local Road Revenue Sharing Program.