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HB 2527 - Relating to Virginia Transportation Infrastructure Fund and Bank - Virginia Key Vote

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Title: Virginia Transportation Infrastructure Fund and Bank

Vote Smart's Synopsis:

Vote to pass a bill that amends various existing statutes related to transportation funding.

Highlights:

  • Increases the aggregate principle amount of bonds that may be issued in any one fiscal year from $300 billion to $600 billion (Article 1.3).
  • Increases the limit of funds that the Commonwealth Transportation Board (CTB) may allocate to any county, city, or town for use to improve, construct, or reconstruct highway systems from $1 million to $10 million per project (Article 1.1):
    • Increases the total amount that the CTB may allocate in any one fiscal year from $50 million to $200 million.
  • Establishes the Virginia Transportation Infrastructure Bank to "encourage the investment of public and private funds and to make loans and other financial assistance available to localities, private entities, and other eligible borrowers to finance transportation projects" (Article 1.2).
  • Establishes the Intercity Passenger Rail Operating and Capital Fund for "the retention, maintenance, improvement and development of intercity passenger rail-related infrastructure" (Article 1.3).

NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

Full Bill Text

See How Your Politicians Voted

Title: Virginia Transportation Infrastructure Fund and Bank

Vote Smart's Synopsis:

Vote to pass a bill that amends various existing statutes related to transportation funding.

Highlights:

  • Increases the aggregate principle amount of bonds that may be issued in any one fiscal year from $300 billion to $600 billion (Article 1.3).
  • Increases the limit of funds that the Commonwealth Transportation Board (CTB) may allocate to any county, city, or town for use to improve, construct, or reconstruct highway systems from $1 million to $10 million per project (Article 1.1):
    • Increases the total amount that the CTB may allocate in any one fiscal year from $50 million to $200 million.
  • Establishes the Virginia Transportation Infrastructure Bank to "encourage the investment of public and private funds and to make loans and other financial assistance available to localities, private entities, and other eligible borrowers to finance transportation projects" (Article 1.2).
  • Establishes the Intercity Passenger Rail Operating and Capital Fund for "the retention, maintenance, improvement and development of intercity passenger rail-related infrastructure" (Article 1.3).

NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

Full Bill Text

NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

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