CHAPTER 655
An Act to amend § 2 of the second enactments of Chapters 1019 and 1044 of the Acts of Assembly of 2000 and to repeal the third enactments of Chapters 1019 and 1044 of the Acts of Assembly of 2000, relating to transportation projects throughout the Commonwealth.
Approved March 23, 2005
Be it enacted by the General Assembly of Virginia:
1. That § 2 of the second enactments of Chapters 1019 and 1044 of the Acts of Assembly of 2000 are 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 §§ 33.1-267 through 33.1-295 of the Code of Virginia, as amended,
from time to time revenue obligations of the Commonwealth to be designated
"Commonwealth of Virginia Federal Highway Reimbursement Anticipation
Notes, Series ...", provided that the aggregate principal amount
outstanding at any time shall not exceed $800,000,000 $1.2 billion
(exclusive of any obligations that may be issued to refund such notes in
accordance with § 33.1-293 of the Code of Virginia, as amended) plus an amount
for financing expenses, (including, without limitation, any original issue
discount) (the Notes). The net proceeds of the Notes shall be used exclusively
for the purpose of providing funds, together with any other available funds,
for paying the costs, incurred or to be incurred for construction or funding of
such projects to listed in the Six-Year Improvement Program as
may be designated adopted from time to time by the General
Assembly; provided, however, at the discretion of the Commonwealth
Transportation Board, funds allocated to projects within a transportation
district may be allocated among projects within the same transportation
district as needed to meet construction cash-flow needs.
2. That the third enactments of Chapters 1019 and 1044 of the Acts of Assembly of 2000 are repealed.