Toll Facilities Revolving Account; balance remaining on any loan issued to political subdivision. (SB836)
Introduced By
Sen. Louise Lucas (D-Portsmouth)
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Toll Facilities Revolving Account. Provides that any balance remaining on any loan issued to a political subdivision from funds in the Toll Facilities Revolving Account shall either be repaid in full or assumed as a loan issued pursuant to this bill by any private entity who enters into a comprehensive agreement with a responsible public entity for construction of a qualifying transportation facility if (i) such comprehensive agreement authorizes the issuance of tolls on a portion of such qualifying transportation facility; (ii) the qualifying transportation facility is included in the same Record of Decision or Revised Record of Decision issued by the Federal Highway Administration as that issued for the project financed by such loan; (iii) no tolls were imposed upon completion of construction of the project financed by such loan; and (iv) such political subdivision pledged to repay such loan from its annual allocation of construction funds for urban system highways as authorized by the Commonwealth Transportation Board. Amends § 33.1-23.03:4 (“Toll Facilities Revolving Account.”), of the Code of Virginia. View Full Text »
