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

Bill Has Passed

History

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