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Interest on current and future highway fund balances to be reserved for a new construction fund. Estimated revenues will be $22.1 million in FY 1988 and $1.96 billion over 10 years. • A bond issue for transportation projects. Revenue bonds issued for toll roads will be repaid from toll receipts, and pledge bonds which will be repaid from gasoline tax revenues.
• Creation of a Virginia Transportation Board with broad authority over highways, airports and maritime facilities in the Commonwealth. • Fifteen percent of all new revenue to be designated for mass transit, airports and ports. • Increased powers to cities and counties to levy taxes for local construction projects.
An option suggested by the commission is a flat one percent increase in the sales tax to five percent, with the additional one-quarter percent ($100.5 million per year) earmarked for nontransportation expenditures.
Governor Baliles immediately accepted the panel’s recommendations and said that he wrill present it to the General Assembly’s special session on transportation, which will convene in Richmond September 15. Due to the support of the governor and many influential members of the Assembly, the panel’s major findings are expected to win quick approval.
Del. Guest said he feels Virginia has been smart in that “maintenance funding comes off the top (of the transportation appropriation).” The decision in 1977 to “protect what we’ve got,” was a good one, he said. Although other states have used general revenue bonds to fund road construction and maintenance, the 31st District representative called that “economic foolishness. It’s ridiculous to issue bonds to build roads which will be worn out before the bonds are paid off.”
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