Tracking Virginia’s General Assembly
since 2007.
SB778: Tolls; State Corporation Commission authority to approve or revise rates charged.
Chief Patron
Sen.
Mark Herring (D-33)
Mark Herring
(D-33)
Served: 2006–
Progress
| Introduced | |
| Passed Committee | |
| Passed House | |
| Passed Senate | |
| Signed by Governor | |
| Became Law |
Status
04/11/2008: signed by governor
Summary
Virginia Highway Corporation Act of 1988; tolls on the Dulles Greenway. Authorizes the State Corporation Commission (SCC) in any toll rate case under the Virginia Highway Corporation Act of 1988 to exclude from the accounts of the operator any payment to an affiliated interest for any services rendered or property or service furnished, if it is not consistent with the public interest. In exercising its authority to exclude from the operator's costs any amounts it finds excessive or improper, the costs of the operator's debt obligations shall be deemed to be improper or excessive to the extent that any proceeds from the issuance of securities are distributed to any affiliated interest. The operator's non-cash account reflecting accumulated retained earnings shall be deemed to be improper or excessive to the extent that gains from a sale of the operator, or control thereof, are distributed to the operator or any affiliated interest without being applied to reduce the balance of the account. In addition, if there is a change in the ownership of an operator or the issuance of securities, the SCC, in any subsequent toll rate proceeding, shall ensure that any costs, changes in capital and debt structure, and other factors attributable to or resulting from the change in ownership or issuance of securities that would contribute to an increase in the level of the toll are excluded from the operator's reasonable return. Other provisions (i) require the operator to provide copies of annual audited financial statements and (ii) make operators subject to the Utility Transfers Act, which authorizes the SCC to review the acquisition or disposition of control of an operator, its assets, and securities.
View Full Text »Video
Votes were cast on this bill on the following dates for which Richmond Sunlight has video: 02/04/2008, 02/04/2008, 02/12/2008, 02/14/2008, 02/14/2008, 02/21/2008, 02/28/2008, 02/28/2008, 02/29/2008 and 03/06/2008.
Poll Results
No Richmond Sunlight visitors voted on this bill while voting was open.
