Wednesday, December 3, 2008
The General Assembly is not in session.
Tracking Virginia’s General Assembly
since 2007.
SB5027: Route 58 Corridor; authorizing Transportation Board to issue bonds therefor.
Be it enacted by the General Assembly of Virginia:
1. That § 2 of the first enactment of Chapter 8 of the Acts of Assembly of the Second Special Session of 1989, as amended by the second enactment of Chapter 538 of the Acts of Assembly of 1999, is amended and reenacted as follows:
§ 2. The
Commonwealth Transportation Board is hereby authorized, by and with the consent
of the Governor, to issue, pursuant to the provisions of §§ 33.1-267 through
33.1-295 of the Code of Virginia, at one time or from time to time, bonds of
the Commonwealth to be designated "Commonwealth of Virginia Transportation
Revenue Bonds, Series .....," in an aggregate principal amount not exceeding $704,300,000 $1,003,300,000
to finance the cost of the project plus an amount for the issuance costs,
reserve funds, and other financing expenses. The proceeds of such bonds shall
be used exclusively for the purpose of providing funds, with any other available
funds, for paying all costs incurred or to be incurred for the construction of
an adequate, modern, safe, and efficient highway system, generally along
Virginia's southern boundary and which comprises the U.S. Route 58 Corridor
Development Program as established in § 33.1-221.1:2, consisting of the
environmental and engineering studies, rights-of-way acquisition, construction
and related improvements (the Project).
Of the $104.3 million increase in bond issuance authorized by the 1999 Session of the General Assembly, $82 million shall be issued for portions of the Project as follows:
Portion of the Project Bond amount Ben Hur to Pennington Gap in Lee County $ 9,800,000 Pennington Gap to Dryden in Lee County $35,600,000 Anticipated shortfall on the Danville Bypass, Clarksville Bypass, Stuart Bypass, and completion of a gap west of Jonesville in Lee County $35,100,000 Taylors Valley in Washington County $ 1,500,000 Total $82,000,000The remaining balance of the bond issuance in the amount of $22.3 million, together with any bond issuance not necessary to complete the above projects, shall be issued for right-of-way acquisition from the Town of Stuart, in Patrick County along the Route 58 corridor to its intersection with Interstate 77 in Carroll County.
The $299 million increase in bond issuance authorized by the 2006 Session of the General Assembly shall be issued for portions of the Project as follows:
Portion of the Project Bond Amount Hillsville Bypass $62,000,000 Abingdon/Damascus $52,000,000 Pennington Gap Bypass $80,000,000 Stuart over Lover's Leap $105,000,000 Total $299,000,000Such revenue bonds shall be issued by the Commonwealth Transportation Board and sold through the Treasury Board, which is hereby designated the sales and paying agent of the Commonwealth Transportation Board with respect to such bonds. The Treasury Board's duties shall include the approval of the terms and structure of the bonds.
Additional Data
Explanation
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