Virginia Secretary of Transportation Sean Connaughton Addresses NVTC Board; Board Votes to Endorse Governor McDonnell's Transportation Funding Plan

Virginia Secretary of Transportation Sean Connaughton
during his remarks to the NVTC Board.
Virginia Secretary of Transportation Sean Connaughton joined the NVTC Board of Directors this morning in Reston, Va. at the first Board meeting of 2011. During the meeting, Connaughton discussed Gov. Bob McDonnell's plan to take advantage of current market conditions, including the low cost of capital and transportation construction, to make critical investments in transportation projects throughout the Commonwealth.

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.

The Governor will release additional transportation initiatives, including a proposed list of about 900 transportation projects, this Friday, January 14.

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.