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. Amends § 56-542, of the Code of Virginia. View Full Text »

Outcome

Bill Has Passed

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)
  • 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)