HJ71: Constitutional amendment; Transportation Funds.

HOUSE JOINT RESOLUTION NO. 71
Offered January 11, 2012
Prefiled January 10, 2012
Proposing an amendment to the Constitution of Virginia by adding in Article X a section numbered 7-B, relating to funds for transportation purposes.
Patron-- Watts

Committee Referral Pending

RESOLVED by the House of Delegates, the Senate concurring, a majority of the members elected to each house agreeing, That the following amendment to the Constitution of Virginia be, and the same hereby is, proposed and referred to the General Assembly at its first regular session held after the next general election of members of the House of Delegates for its concurrence in conformity with the provisions of Section 1 of Article XII of the Constitution of Virginia, namely:

Amend the Constitution of Virginia by adding in Article X a section numbered 7-B as follows:

ARTICLE X
TAXATION AND FINANCE

Section 7-B. Funds for transportation.

(a) The General Assembly shall maintain permanent and separate Transportation Funds. The Commonwealth Transportation Fund, Transportation Trust Fund, Highway Maintenance and Operating Fund, Priority Transportation Fund, any other fund established by general law for transportation, and all subsidiary accounts and parts thereof, shall be deemed Transportation Funds for purposes of this section.

(b) There shall be deposited to the Transportation Funds all revenues dedicated to the Transportation Funds under provisions of general law, but excluding a general appropriation law, in effect on January 1, 2013. However, the General Assembly may by general law, but excluding a general appropriation law, make changes to the revenues dedicated and paid to the Transportation Funds. Moneys in the Transportation Funds may be invested as authorized by law.

(c) All moneys deposited to the Transportation Funds shall be appropriated only for purposes of financing, acquiring, constructing, improving, maintaining, and operating transportation systems and projects in the Commonwealth.

(d) The General Assembly may borrow from Transportation Funds for other purposes only by a vote equal to or greater than two-thirds plus one of the members voting in each house, including a majority of the members elected to that house. The name of each member voting and how he voted shall be recorded in the journal of each house. Any amount borrowed shall be repaid to the Transportation Funds, with reasonable interest, not later than the end of the third full fiscal year following the effective date of the borrowing.

(e) Moneys from the imposition of state taxes, fees, and other charges of the Commonwealth that have not been designated for deposit into Transportation Funds prior to January 1, 2013, shall not be used for any transportation-related purpose except for obligations authorized or entered into on or before January 1, 2013.