HB 813 Commercial space flight; funding and oversight.
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Summary as enacted with Governor's Recommendation:

Commercial space flight; funding and oversight. Reconstitutes the Board of the Virginia Commercial Space Flight Authority by reducing the number of Board members from 13 to nine and providing for all current appointments to the Board to expire on July 1, 2012. The bill provides that as of a certain date current employees of the Authority could elect not to be employed by the Authority. Any employee (i) making such election who is not rehired by another state agency or (ii) not making the election but who is not offered an opportunity to remain with the Authority would be eligible for severance benefits under the Workforce Transition Act. The bill allows the Authority to establish an alternative to the Virginia Retirement System defined benefit retirement plan for its employees as well as alternative health insurance, deferred compensation, and disability benefit plans. The bill makes several other changes to the administrative powers and duties of the Authority.

The bill limits to $50 million the outstanding principal amount of non-revenue bonds issued by the Authority at all times. For the five-fiscal year period ending June 30, 2017, each fiscal year the bill transfers $9.5 million from the Transportation Trust Fund to the Commonwealth Space Flight Fund administered by the Board of Directors of the Authority to support the capital needs, maintenance, and operating costs of facilities owned and operated by the Authority.

This bill incorporates HB 18 and is identical to SB 284.


Summary as passed:

Commercial space flight; funding and oversight. Reconstitutes the Board of the Virginia Commercial Space Flight Authority by reducing the number of Board members from 13 to nine and providing for all current appointments to the Board to expire on July 1, 2012. The bill provides that as of a certain date current employees of the Authority could elect not to be employed by the Authority. Any employee (i) making such election who is not rehired by another state agency or (ii) not making the election but who is not offered an opportunity to remain with the Authority would be eligible for severance benefits under the Workforce Transition Act. The bill allows the Authority to establish an alternative to the Virginia Retirement System defined benefit retirement plan for its employees as well as alternative health insurance, deferred compensation, and disability benefit plans. The bill makes several other changes to the administrative powers and duties of the Authority.

The bill limits to $50 million the outstanding principal amount of non-revenue bonds issued by the Authority at all times. Each fiscal year the bill transfers $7.5 million from the Transportation Trust Fund to the Commonwealth Space Flight Fund administered by the Board of Directors of the Authority to support the capital needs, maintenance, and operating costs of facilities owned and operated by the Authority.

This bill incorporates HB 18 and is identical to SB 284.


Summary as introduced:

Commercial space flight; funding and oversight.  Reconstitutes the Board of the Virginia Commercial Space Flight Authority by reducing the number of Board members from 13 to nine and providing for all current appointments to the Board to expire on July 1, 2012. The bill provides that as of a certain date current employees of the Authority could elect not to be employed by the Authority. Any employee (i) making such election who is not rehired by another state agency and (ii) not making the election but who is not offered an opportunity to remain with the Authority would be eligible for severance benefits under the Workforce Transition Act. The bill allows the Authority to establish an alternative to the Virginia Retirement System defined benefit retirement plan for its employees. The bill makes several other changes to the administrative powers and duties of the Authority.

The bill provides for $15 million in each fiscal year from the 0.50 percent retail sales and use tax that is dedicated to the Transportation Trust Fund to be set aside as the Commonwealth Space Flight Fund, to be used to support the capital needs, maintenance, and operating costs of facilities owned and operated by the Virginia Commercial Space Flight Authority.