VA HB1140 | 2008 | Regular Session

Virginia House Bill 1140 (Prior Session Legislation)

Status

Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on April 11 2008 - 100% progression
Action: 2008-04-14 - Governor: Acts of Assembly Chapter text (CHAP0841)

Summary

Virginia Highway Corporation Act; authority of SCC. Directs the State Corporation Commission (SCC), in setting tolls under the Virginia Highway Corporation Act of 1988 during the period January 1, 2013, through January 1, 2020, to approve requests to increase toll rates by a percentage that (i) is equal to the increase in the consumer price index from the date the Commission last approved a toll increase, plus one percent, (ii) is equal to the increase in the real gross domestic product from the date the Commission last approved a toll increase, or (iii) 2.8 percent, whichever is greatest. In addition, the SCC shall allow the operator to include, in its tolls, the amount by which its local property taxes paid in the immediately preceding calendar year increased by more than the annual percentage increase above such payments for the previous calendar year. The SCC may allow a greater increase in the tolls if the operator provides an independent grade traffic and revenue study and a finding by the Commission that (a) the toll rates will not be sufficient to permit the operator to maintain the minimum coverage ratio set forth in the rate covenant provisions of its bond indenture or similar credit agreement, (b) such greater proposed tolls are reasonable to the user in relation to the benefit obtained and will not materially discourage use of the roadway by the public, and (c) the greater proposed tolls provide the operator no more than a reasonable rate of return; however, the Commission shall not approve an increase that exceeds the percentage increase necessary to permit the operator to maintain the minimum coverage ratio, and such request shall not be made as a result of a change in control of the operator or the project roadway. Other provisions (i) direct the SCC, in determining whether the operator's costs are improper or excessive, to consider the contractual relationships between the operator and individuals or entities that are closely associated or affiliated with the operator to assure that the terms on such contractual relationships are no less favorable or unfavorable to the operator than what it could obtain in an arm's-length transaction; (ii) require the operator to provide a verified copy of its annual audited financial statements; (iii) require the SCC, when there is a change in the ownership of an operator, to ensure in any subsequent toll rate proceeding that the price paid in connection with the change in ownership or control, and any costs and other factors attributable to or resulting from the change in ownership or control, if they would contribute to an increase in the level of the toll, are excluded from the Commission's determination of the operator's reasonable return; and (iv) direct that the proceeds and funding provided to the operator from any future bond indenture or similar credit agreement must be used for certain purposes related to the roadway property, unless otherwise authorized by the SCC.

Title

Tolls; State Corporation Commission authority to approve or revise rates charged.

History

Date	Chamber	Action
2008-04-14		Governor: Acts of Assembly Chapter text (CHAP0841)
2008-04-11		Governor: Approved by Governor-Chapter 841 (effective 7/1/08)
2008-03-26		Senate: Signed by President
2008-03-24		House: Signed by Speaker
2008-03-24		House: Bill text as passed House and Senate (HB1140ER)
2008-03-24		House: Enrolled
2008-03-08		House: VOTE: --- ADOPTION (97-Y 0-N)
2008-03-08		House: Conference report agreed to by House (97-Y 0-N)
2008-03-08		Senate: Conference report agreed to by Senate (40-Y 0-N)
2008-03-08		Senate: Reading of conference report waived
2008-03-08		House: Conference substitute printed 089578620-H2
2008-03-06		House: Delegates: May, Hugo, Sickles
2008-03-06		House: Conferees appointed by House
2008-03-06		Senate: Senators: Herring, Edwards, Wagner
2008-03-06		Senate: Conferees appointed by Senate
2008-03-06		House: House acceded to request
2008-03-06		Senate: Senate requested conference committee
2008-03-06		Senate: Senate insisted on substitute (39-Y 0-N)
2008-03-05		House: VOTE: --- REJECTED (1-Y 97-N)
2008-03-05		House: Senate substitute rejected by House (1-Y 97-N)
2008-03-05		House: Placed on Calendar
2008-03-04		Senate: Passed Senate with substitute (40-Y 0-N)
2008-03-04		Senate: Engrossed by Senate - committee substitute HB1140S1
2008-03-04		Senate: Committee substitute agreed to 089572620-S1
2008-03-04		Senate: Reading of substitute waived
2008-03-04		Senate: Read third time
2008-03-04		Senate: Constitutional reading dispensed (40-Y 0-N)
2008-03-03		Senate: Committee substitute printed 089572620-S1
2008-03-03		Senate: Reported from Commerce and Labor with substitute (15-Y 0-N)
2008-02-13		Senate: Referred to Committee on Commerce and Labor
2008-02-13		Senate: Constitutional reading dispensed
2008-02-12		House: Communicated to Senate
2008-02-12		House: VOTE: --- PASSAGE (98-Y 1-N)
2008-02-12		House: Read third time and passed House (98-Y 1-N)
2008-02-11		House: Engrossed by House - committee substitute HB1140H1
2008-02-11		House: Committee substitute agreed to 080192620-H1
2008-02-11		House: Read second time
2008-02-09		House: Read first time
2008-02-08		House: Committee substitute printed 080192620-H1
2008-02-07		House: Reported from Commerce and Labor with substitute (21-Y 0-N)
2008-01-09		House: Referred to Committee on Commerce and Labor
2008-01-09		House: Prefiled and ordered printed; offered 01/09/08 089821620