Virginia Secretary of Transportation Sean Connaughton Addresses NVTC Board; Board Votes to Endorse Governor McDonnell's Transportation Funding Plan
The Governor's plan would pump an additional $4 billion into transportation through a number of initiatives, including:
- Creation of "Virginia Transportation Infrastructure Bank" (VTIB) to multiply transportation dollars.
- Modification of Virginia Code to allow the Commonwealth to issue at least $1.1 billion in direct GARVEE (Grant Anticipation Revenue Vehicles) bonds.
- Allocation of nearly $1 billion in unused federal toll credits.
- Acceleration of the sales of bonds from 2007 transportation legislation, providing Virginia the ability to issue up to $1.8 billion in bonds during remainder of the Administration.
To close the discussion, Connaughton answered questions from Board members on a variety of topics including the Dulles Corridor Metrorail Project and the continuing need for the Techway, to connect the technology corridors of Maryland and Northern Virginia.
Following the briefing, the NVTC Board voted unanimously to endorse the Governor's December transportation funding plan.