news house passes mcdonnell transportation package

House passes McDonnell transportation package

The Virginia House of Delegates voted 65-33 on Friday in favor of the $4 billion transportation package being pushed by Gov. Bob McDonnell that includes a significant amount of state borrowing.

“This transportation funding plan is a timely and innovative solution to many of the infrastructure issues facing our Commonwealth,” said House Speaker Bill Howell, R-Stafford. “I’m pleased the House has advanced forward-looking and cost-effective legislation that represents a bold approach to ensuring Virginia has a 21st century transportation network. I now look forward to working with the Senate to advance this measure in that body.

Among its provisions, the legislation establishes a Transportation Infrastructure Bank within the Transportation Trust Fund to help localities and the private-sector to invest more money in transportation improvements. The bill also accelerates bonds previously authorized by the 2007 General Assembly to take full advantage of low interest rates and construction costs and includes provisions to keep the level of debt payments below the Commonwealth’s self-imposed 5 percent revenue guideline.

Edited by Chris Graham. Chris can be reached at [email protected].

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