SJR 397/HJR 610
Joint Subcommittee Studying Creation of a Northern Virginia Transportation Authority
August 1, 2001, Fairfax County
The members of the joint subcommittee were briefed by the state treasurer on issuance of debt by the Commonwealth. Through questions from the members and a discussion of the information provided by the presentation, the joint subcommittee explored the various consequences that would result from vesting a Northern Virginia Transportation Authority with the power to issue bonds. As the result of these discussions, a consensus developed that favored having bonds issued by the Commonwealth Transportation Board on the authority's behalf, rather than by the authority directly, lest direct issuance by the authority result in diminution of the debt capacity of its constituent localities.
This discussion led to a broader discussion of draft legislation, prepared by staff on the basis of discussions at the joint subcommittee's May 30 meeting, to be recommended to the 2002 Session of the General Assembly as a replacement for legislation passed by the 2001 General Assembly (HB 2606, Chapter 610 of the Acts of Assembly of 2001). On the basis of this discussion and the information gained from the briefing by the treasurer, staff was instructed to make further revisions to the draft legislation to be considered at the joint subcommittee's next meeting, at 9:30 a.m. on Wednesday, September 12, in the Fairfax County Government Center.