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A BILL to amend and reenact § 2 of Chapter 8 of the Acts of Assembly of 1989, Special Session II, as amended by Chapter 538 of the Acts of Assembly of 1999, Chapter 296 of the Acts of Assembly of 2013, and Chapter 1230 and Chapter 1275 of the Acts of Assembly of 2020, relating to issuance of bonds for the U.S. Route 58 Corridor Development Program.
Be it enacted by the General Assembly of Virginia:
1. That § 2 of Chapter 8 of the Acts of Assembly of 1989, Special Session II, as amended by Chapter 538 of the Acts of Assembly of 1999, Chapter 296 of the Acts of Assembly of 2013, and Chapter 1230 and Chapter 1275 of the Acts of Assembly of 2020, is amended and reenacted as follows:
§ 2. The Commonwealth Transportation Board is hereby authorized, by and with the consent of the Governor, to issue, pursuant to the provisions of the Transportation Development and Revenue Bond Act (§
33.2-1700
et seq. of the Code of Virginia), at one time or from time to time, bonds of the Commonwealth to be designated "Commonwealth of Virginia Transportation Revenue Bonds, Series .....," in an aggregate principal amount not exceeding
$1,300,000,000
$1,632,000,000
, to finance the cost of the project plus an amount for the issuance costs, reserve funds, and other financing expenses. However, the additional amount of bonds that may be issued solely because of the amendments to this section by the 2013 Session of the General Assembly may be issued only if the debt service of such bonds can be met solely with the revenues provided to the Route 58 Corridor Development Fund pursuant to the provisions of §
58.1-815
of the Code of Virginia. The proceeds of such bonds shall be used exclusively for the purpose of providing funds, with any other available funds, for paying all costs incurred or to be incurred for the construction of an adequate, modern, safe, and efficient highway system, generally along Virginia's southern boundary and which comprises the U.S. Route 58 Corridor Development Program as established in §
33.2-2301
of the Code of Virginia, consisting of the environmental and engineering studies, rights-of-way acquisition, construction and related improvements (the Project).
Of the $104.3 million increase in bond issuance authorized by the 1999 Session of the General Assembly, $82 million shall be issued for portions of the Project as follows:
Portion of the Project
Bond amount
Ben Hur to Pennington Gap in Lee County
$9,800,000
Pennington Gap to Dryden in Lee County
$35,600,000
Anticipated shortfall on the Danville Bypass, Clarksville Bypass, Stuart Bypass, and completion of a gap west of Jonesville in Lee County
$35,100,000
Taylors Valley in Washington County
$1,500,000
Total
$82,000,000
The remaining balance of the bond issuance in the amount of $22.3 million, together with any bond issuance not necessary to complete the above projects, shall be issued for right-of-way acquisition from the Town of Stuart, in Patrick County along the Route 58 corridor to its intersection with Interstate 77 in Carroll County.
Beginning July 1, 2013, completion of the following portions of the Project shall have priority over any other portions of the Project:
Crooked Oak Section
ROW Acquisition
Utility Relocation
Permitting and Mitigation
Design
Construction and Inspection
Vesta Section
ROW Acquisition
Utility Relocation
Permitting and Mitigation
Design
Construction and Inspection
Lover's Leap Section
ROW Acquisition
Utility Relocation
Permitting and Mitigation
Design
Construction and Inspection
Final Section of Corridor Q - Route 121/460 Poplar Creek, Phase B
ROW Acquisition
Utility Relocation
Permitting and Mitigation
Design
Construction and Inspection
Of the foregoing four sections of the Project, construction of the Lover's Leap Section shall have priority over construction of the other three sections. However, construction of these other three sections may proceed simultaneously with the construction of the Lover's Leap Section if such simultaneous construction does not delay construction of the Lover's Leap Section.
The $332 million increase in bond issuance au
thorized by
amendments to this section by
the 2026
S
ession of the General Assembly is not specifically allocated for any portions of the Project, but rather to finance further completion of the Project.
Such revenue bonds shall be issued by the Commonwealth Transportation Board and sold through the Treasury Board, which is hereby designated the sales and paying agent of the Commonwealth Transportation Board with respect to such bonds. The Treasury Board's duties shall include the approval of the terms and structure of the bonds.