Virginia

The Virginia Port Authority Tuesday declined proposals to operate as a public-private partnership after it received an unsolicited P3 proposal.

The Virginia attorney general's office has issued an opinion that a sweeping new transportation law passed by the legislature last month violates the state constitution.

Sequestration and the reduction of Build America Bond subsidy payments took center stage as several prominent Virginia issuers came together to discuss their situations with investors Friday.

Virginia's Elizabeth River Crossings tunnel project has been named the 2012 North America Toll Road Deal of the Year by Project Finance Magazine.

Moody's Investors Service has given its stamp of approval to Virginia's new transportation funding plan, saying that it is a credit positive for the commonwealth at a time when it is highly exposed to risk from federal cuts.

The Virginia General Assembly gave final approval on Saturday to legislation that is projected to raise more than $800 million for transportation over the next five years.

Virginia is poised to enact a funding bill that raises sales taxes but slashes fuel taxes to create $200 million of new transportation revenue each year that could be used for bonding.

Moody's Investors Service has downgraded to B2 from Aaa the rating of $1.6 million of outstanding taxable multifamily housing revenue bonds issued by the Harrisonburg, Va., Redevelopment & Housing Authority in 2001.

Historically low interest rates last year helped boost bond sales across the Southeast to $63 billion, an increase of 33% over 2011. The surge in debt was propelled by refundings.

Virginia Gov. Bob McDonnell's controversial transportation plan passed the House of Delegates Tuesday, but failed to get out of the Senate despite both chambers agreeing to ban tolling on Interstate 95 in the southern part of the state.

Moody's Investors Service placed tobacco settlement revenue bonds of issuers in 17 states and two territories under review with direction uncertain because of legal settlement announced in December. The action affects $20.5 billion of debt.

Virginia Gov. Bob McDonnell announced on Tuesday that he will recommend over $2 billion of funding for hundreds of transportation projects statewide, new money projected to come from his controversial overhaul of the commonwealth's gas and sales taxes.

Rep. Frank Wolf, R-Va., has reintroduced two bills aimed at giving Virginia control of the Metropolitan Washington Airports Authority and strengthening government oversight of the scandal-wracked issuer.

Bond-related bills pending in the Virginia House of Delegates would limit toll increases on the Dulles Toll Road and authorize the commonwealth, through authorities, to purchase and control the privately-owned Dulles Greenway.

Birmingham, Ala.-based Regions Financial Corp. has hired two new employees to expand its corporate trust group in the mid-Atlantic region.

The Virginia General Assembly will decide whether to grant itself more oversight over privatizing the state's port facilities, as well as several other bond-related questions.

Virginia Gov. Bob McDonnell has introduced his transportation plan, a major overhaul of the commonwealth's tax system that would see the state gas tax disappear in favor of higher sales taxes and other fees.

Virginia Gov. Bob McDonnell announced final agreement has been reached on a $1.4 billion public-private partnership to finance, design, and build a new 55-mile section of U.S. Route 460 in the southeastern part of the commonwealth.

Gov. Bob McDonnell informed the U.S. Department of Health and Human Services that Virginia will not be pursuing a state-based health benefits exchange for 2014.

A bill that would have authorized the Virginia Public Building Authority to issue an additional $300 million in bonds for wastewater treatment facilities died in committee.