Tolls; State Corporation Commission authority to approve or revise rates charged. (SB778)
Introduced By
Sen. Mark Herring (D-Leesburg)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
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. Read the Bill »
Outcome
History
Date | Action |
---|---|
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) |
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) |
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) |
03/08/2008 | Reading of conference report waived |
03/08/2008 | Conference report agreed to by Senate (39-Y 0-N) |
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) |