SB 1259

Abstract

Virginia Highway Corporation Act; alteration of certificate of authority; powers and duties of the State Corporation Commission. Requires any application for a transfer, extension, or amendment of a certificate of authority issued under the Virginia Highway Corporation Act to include information demonstrating the financial fitness of the entity applying to operate the roadway. The bill requires an applicant for a toll increase to provide a forward-looking analysis return that will be reviewed by the Department of Transportation that demonstrates that the proposed rates will be reasonable to the user in relation to the benefit obtained, not likely to materially discourage use of the roadway, and provide the operator no more than a reasonable return. The bill also prohibits the State Corporation Commission from authorizing a toll increase if these criteria are not met or if the proposed increase is for more than one year. The bill requires an operator to receive approval from the Commission prior to refinancing any existing debt.

Virginia Highway Corporation Act; alterationof certificate of authority; powers and duties of the State CorporationCommission. Requires any application for a transfer, extension, or amendment of a certificate of authority issued under the VirginiaHighway Corporation Act to include information demonstrating thefinancial fitness of the entity applying to operate the roadway.The bill requires an applicant for a toll increase to provide a forward-lookinganalysis return that will be reviewed by the Department of Transportationthat demonstrates that the proposed rates will be reasonable to theuser in relation to the benefit obtained, not likely to materiallydiscourage use of the roadway, and provide the operator no more thana reasonable return. The bill also prohibits the State CorporationCommission from authorizing a toll increase if these criteria arenot met or if the proposed increase is for more than one year. The bill requires an operator to receive approval from the Commissionprior to refinancing any existing debt.