HB 2047 George P. Coleman Bridge Revenue Bond Act of 1997 created.
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George P. Coleman Bridge Bond Defeasance Fund created. Authorizes the Commonwealth Transportation Board to issue $13.1 million in 9 (d) bonds to defease the remaining bonds originally issued by the Treasury Board pursuant to Chapter 596 of the 1993 Acts of Assembly for the acquisition, construction, widening, improvement, enlargement and equipping of the George P. Coleman Bridge, which provides a crossing of the York River for U.S. Route 17 between Gloucester and York Counties. The debt service on the bonds, estimated to be about $850,000 per year, will be paid first from funds contributed by the Counties of Gloucester, Mathews, Middlesex, and York and the Cities of Hampton, Newport News, Poquoson, and Williamsburg. The bill caps the total of these contributions at $100,000 per year. Each year, the Department of Taxation will determine a prorated percentage of the total amount of recordation taxes distributed to the eight localities. Although the rate will likely change each year, each locality will contribute the same percentage of their recordation taxes in that year. The localities' first-year prorated percentage is estimated to be 5.2 percent. Legally available revenues in the special fund of the Department of Motor Vehicles will fund the balance of the debt service.

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01/14/97  House: Presented & ordered printed 970792160  pdf

01/14/97  House: Presented & ordered printed 970792160
01/14/97  House: Referred to Committee on Transportation
01/21/97  House: Reported from Tra. (22-Y 0-N)
01/21/97  House: Referred to Committee on Appropriations
01/30/97  House: Stricken from docket by Appropriations (22-Y 0-N)