Commonwealth Transportation Capital Projects Bond Act of 2007. (HB6052)

Introduced By

Del. Glenn Oder (R-Newport News) with support from co-patrons Del. Sal Iaquinto (R-Virginia Beach), Del. Terrie Suit (R-Virginia Beach), and Sen. John Cosgrove (R-Chesapeake)

Description

Commonwealth Transportation Capital Projects Bond Act of 2007. Provides that the net proceeds of any bonds issued under the Commonwealth Transportation Capital Projects Bond Act of 2007 be allocated and used as follows: (i) in the long term, approximately 35% of the net proceeds would be used for projects in the Hampton Roads Construction District, (ii) in the long term, approximately 47% of the net proceeds would be used for projects in the Northern Virginia Construction District, and (iii) in the long term, the remaining 18% of the net proceeds would be used for projects in all other construction districts with each construction districts relative share equal to the total highway construction funds received by the district in the fiscal year ending June 30, 2008, as a proportion of the total highway construction funds received by all construction districts in such fiscal year. The bill also makes some technical amendments regarding the bonds. Read the Bill »

Status

11/30/2022: Introduced