SB778: Tolls; State Corporation Commission authority to approve or revise rates charged.

Chief Patron

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

View Entire History

01/18/2008 Presented and ordered printed 080129240
01/18/2008 Referred to Committee on Commerce and Labor
02/04/2008 Impact statement from DPB (SB778)
02/12/2008 Committee substitute printed 089554240-S1
02/12/2008 Reported from Commerce and Labor with substitute (8-Y 7-N) (see vote tally)
02/12/2008 Read first time
02/12/2008 Reading of substitute waived
02/12/2008 Committee substitute agreed to 089554240-S1
02/12/2008 Engrossed by Senate - committee substitute SB778S1
02/12/2008 Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/12/2008 Passed Senate (23-Y 17-N) (see vote tally)
02/12/2008 Communicated to House
02/14/2008 Placed on Calendar
02/14/2008 Read first time
02/14/2008 Referred to Committee on Commerce and Labor
02/21/2008 Impact statement from DPB (SB778S1)
02/26/2008 Reported from Commerce and Labor with substitute (22-Y 0-N) (see vote tally)
02/27/2008 Committee substitute printed 089562588-H1
02/28/2008 Read second time
02/29/2008 Read third time
02/29/2008 Committee substitute agreed to 089562588-H1
02/29/2008 Engrossed by House - committee substitute SB778H1
02/29/2008 Passed House with substitute BLOCK VOTE (98-Y 0-N)
02/29/2008 VOTE: BLOCK VOTE PASSAGE (98-Y 0-N)
03/04/2008 House substitute rejected by Senate (4-Y 36-N) (see vote tally)
03/05/2008 House insisted on substitute
03/05/2008 House requested conference committee
03/06/2008 Senate acceded to request (40-Y 0-N) (see vote tally)
03/06/2008 Conferees appointed by Senate
03/06/2008 Senators: Herring, Edwards, Wagner
03/06/2008 Conferees appointed by House
03/06/2008 Delegates: May, Hugo, Sickles
03/08/2008 Conference substitute printed 089634240-S2
03/08/2008 Conference report agreed to by House (91-Y 0-N)
03/08/2008 VOTE: --- ADOPTION (91-Y 0-N) (see vote tally)
03/08/2008 Reading of conference report waived
03/08/2008 Conference report agreed to by Senate (39-Y 0-N) (see vote tally)
03/17/2008 Impact statement from DPB (SB778S2)
03/18/2008 Impact statement from DPB (SB778S2)
03/24/2008 Enrolled
03/24/2008 Bill text as passed Senate and House (SB778ER)
03/24/2008 Signed by Speaker
03/26/2008 Signed by President
04/01/2008 Impact statement from DPB (SB778ER)
04/11/2008 G Approved by Governor-Chapter 844 (effective 7/1/08)

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 »