Virginia Transportation Infrastructure Bank; created, report. (SB1446)

Introduced By

Sen. William Wampler (R-Bristol)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Transportaion funding.  The bill creates the Virginia Transportation Infrastructure Fund (Fund) and the Virginia Transportation Infrastructure Bank (Bank) whose board of directors administers the Fund. The initial deposit into the Fund consists of general fund surplus and certain savings identified at the Virginia Department of Transportation. Up to 20 percent of the Fund may be used to make grants to localities for transportation projects as determined by the Bank, and the remainder is used to make loans to private or public entities for transportation projects as determined by the Bank.

The bill authorizes the issuance of Commonwealth of Virginia Transportation Grant Anticipation Revenue Notes whose outstanding aggregate principal amount, together with any outstanding aggregate principal amount of Commonwealth of Virginia Federal Highway Reimbursement Anticipation Notes, cannot exceed $1.2 billion, with the proceeds used for transportation projects as determined by the Commonwealth Transportation Board.  The bill also increases the aggregate principal amount of Commonwealth of Virginia Transportation Capital Projects Revenue Bonds that may be issued in a fiscal year from $300 million to $600 million.

The bill establishes the Intercity Passenger Rail Operating and Capital Fund to be used by the Director of the Department of Rail and Public Transportation, with the approval of the Commonwealth Transportation Board, on projects that expand and improve intercity passenger rail service.

Finally, the bill removes the priority structure for allocation of revenue-sharing funds to localities; removes the $50 million total limit on funds allocated by the Commonwealth Transportation Board (CTB) to certain counties, cities, and towns in any one fiscal year and removes the $1 million per project cap on funds; and provides that the funds allocated by the CTB will be distributed in accordance with the revenue-sharing guidelines established by the CTB. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/21/2011Presented and ordered printed 11103939D
01/21/2011Referred to Committee on Finance
02/01/2011Reported from Finance with substitute (12-Y 2-N) (see vote tally)
02/01/2011Incorporates SB1329
02/01/2011Committee substitute printed 11104985D-S1
02/02/2011Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/03/2011Read second time
02/03/2011Passed by for the day
02/04/2011Read second time
02/04/2011Passed by for the day
02/04/2011Impact statement from DPB (SB1446S1)
02/07/2011Read second time
02/07/2011Reading of substitute waived
02/07/2011Committee substitute agreed to 11104985D-S1
02/07/2011Reading of amendment waived
02/07/2011Amendment by Senator Whipple agreed to
02/07/2011Engrossed by Senate - committee substitute with amendment SB1446ES1
02/07/2011Printed as engrossed 11104985D-ES1
02/07/2011Constitutional reading dispensed (39-Y 0-N) (see vote tally)
02/07/2011Passed Senate (34-Y 6-N) (see vote tally)
02/08/2011Placed on Calendar
02/08/2011Read first time
02/08/2011Referred to Committee on Appropriations
02/14/2011Reported from Appropriations with substitute (20-Y 2-N) (see vote tally)
02/14/2011Committee substitute printed 11105333D-H1
02/15/2011Impact statement from DPB (SB1446H1)
02/16/2011Read second time
02/17/2011Read third time
02/17/2011Pending question ordered
02/17/2011Committee substitute agreed to 11105333D-H1 (58-Y 39-N)
02/17/2011VOTE: ADOPTION (58-Y 39-N) (see vote tally)
02/17/2011Engrossed by House - committee substitute SB1446H1
02/17/2011Passed House with substitute (66-Y 32-N)
02/17/2011VOTE: PASSAGE (66-Y 32-N) (see vote tally)
02/21/2011House substitute rejected by Senate (1-Y 38-N) (see vote tally)
02/22/2011House insisted on substitute
02/22/2011House requested conference committee
02/23/2011Senate acceded to request (40-Y 0-N) (see vote tally)
02/23/2011Conferees appointed by Senate
02/23/2011Senators: Wampler, Colgan, Saslaw
02/24/2011Conferees appointed by House
02/24/2011Delegates: Oder, Jones, Howell, A.T.
02/27/2011Conference substitute printed 11105579D-S2
02/27/2011Conference report agreed to by House (81-Y 15-N)
02/27/2011VOTE: ADOPTION (81-Y 15-N) (see vote tally)
02/27/2011Reconsideration of conference report agreed to by House
02/27/2011Conference report agreed to by House (80-Y 16-N)
02/27/2011VOTE: ADOPTION #2 (80-Y 16-N) (see vote tally)
02/27/2011Conference report agreed to by Senate (34-Y 6-N) (see vote tally)
02/27/2011Reconsideration of conference report agreed to by Senate (40-Y 0-N) (see vote tally)
02/27/2011Conference report agreed to by Senate (33-Y 7-N) (see vote tally)
03/03/2011Enrolled
03/03/2011Bill text as passed Senate and House (SB1446ER)
03/03/2011Signed by Speaker
03/06/2011Signed by President
03/09/2011Impact statement from DPB (SB1446ER)
03/26/2011Governor's recommendation received by Senate
04/05/2011Placed on Calendar
04/06/2011Senate concurred in Governor's recommendation (40-Y 0-N) (see vote tally)
04/06/2011House concurred in Governor's recommendation Amendments #1,2 and 4 (80-Y 18-N)
04/06/2011VOTE: ADOPTION (80-Y 18-N) (see vote tally)
04/06/2011House concurred in Governor's recommendation Amendment #3 (58-Y 40-N)
04/06/2011VOTE: ADOPTION (58-Y 40-N) (see vote tally)
04/06/2011G Governor's recommendation adopted
04/06/2011Reenrolled
04/06/2011Reenrolled bill text (SB1446ER2)
04/06/2011Signed by President as reenrolled
04/06/2011Signed by Speaker as reenrolled
04/06/2011Enacted, Chapter 868 (effective 7/1/11)
04/06/2011G Acts of Assembly Chapter text (CHAP0868)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 4 clips in all, totaling 60 minutes.

Duplicate Bills

The following bills are identical to this one: HB2527.