Virginia Highway Corporation Act; alteration of certificate of authority; powers and duties of SCC. (HB1832)

Introduced By

Del. Suhas Subramanyam (D-Sterling) with support from co-patrons Del. Wendy Gooditis (D-Clarke), and Del. David Reid (D-Loudoun)

Progress

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

Description

Virginia Highway Corporation Act; alteration of certificate of authority; powers and duties of the State Corporation Commission. Requires any application for a transfer, extension, or amendment of a certificate of authority issued under the Virginia Highway Corporation Act to include information demonstrating the financial fitness of the entity applying to operate the roadway. The bill requires an applicant for a toll increase to provide a forward-looking analysis return that will be reviewed by the Department of Transportation that demonstrates that the proposed rates will be reasonable to the user in relation to the benefit obtained, not likely to materially discourage use of the roadway, and provide the operator no more than a reasonable return. The bill also prohibits the State Corporation Commission from authorizing a toll increase if these criteria are not met or if the proposed increase is for more than one year. The bill requires an operator to receive approval from the Commission prior to refinancing any existing debt. Read the Bill »

Status

01/12/2021: Awaiting a Vote in the Transportation Committee

History

DateAction
01/06/2021Prefiled and ordered printed; offered 01/13/21 21101393D
01/06/2021Referred to Committee on Transportation
01/12/2021Assigned Transportation sub: Transportation Systems

Duplicate Bills

The following bills are identical to this one: SB1259.

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