Virginia

Sussex County board member Eric Fly voiced his concern over the process and the plan itself, "The whole process is backwards. VDOT isn't going to give the public any time to voice their opinion prior to submitting their final application to the Federal Highway Administration. They clearly know that the public is against the idea and are therefore trying to jam it through before any public comment.

The Virginia Small Business Financing Authority will price 262.3 million of bonds on behalf of 95 Express Lanes LLC next week, financing which is expected to pair with a $300 million federal loan for one of Virginia's biggest public-private partnerships.

Two Virginia authorities will price a total of more than $200 million of bonds in separate negotiated deals over the next week. The Virginia Resources Authority will price $81 million of bonds in a pool deal on behalf of 13 local issuers on July 12. In addition, the Commonwealth Transportation Board will sell $125.5 million of grant anticipation revenue bonds less than a week later.

A U.S. appeals court will take up a lawsuit as early as October that attacks the financial backing of billions of bonds paying for the Washington Metrorail's Silver Line Extension to Dulles Airport.

Virginia Gov. Bob McDonnell slammed the Obama administration last week for killing major energy initiatives that would bring new revenues and jobs to the state.

The Loudoun County Board of Supervisors voted 5-4 to go ahead with the county's participation in the second phase of the Washington Metrorail's Silver Line extension, committing the county to an approximately $270 million share of the construction costs of the controversial and largely bond-financed project.

Virginia's new tourism financing program provides a rebate of state and local sales taxes at the site of a qualified tourism project, and requires that specific performance standards be met to qualify for the tax rebate.

Virginia Gov. Robert McDonnell announced this week that the Virginia Transportation Infrastructure Bank will provide $160 million in loans to help finance two major transportation projects in the commonwealth.

WASHINGTON — The Virginia Resources Authority withdrew a $46 million chunk of its nearly $400 million pool bond issue last month and is reissuing it in a stand-alone deal scheduled to close next week, after a group of citizens questioned the legality of the transaction.

WASHINGTON — The Metropolitan Washington Airports Authority voted on Wednesday to drop a controversial labor agreement from Phase II procurement for its $6 billion, 23 mile metrorail extension project to the Dulles International Airport.

In a move that is likely to make Virginia the leading state for public-private partnerships, Gov. Robert McDonnell has announced 22 transportation and infrastructure projects that may be developed as P3s.

WASHINGTON — Private firms have until July 12 to submit bids to operate the Port of Virginia as part of a public-private partnership, an opportunity created by the Virginia Department of Transportation after it received an unsolicited P3 proposal.

The Virginia Commonwealth Transportation Board prices the biggest deal of the week, selling $600 million of capital projects revenue bonds.

A report requested by lawmakers on the Metropolitan Washington Airports Authority supports its financial projections for the Metrorail extension to Dulles Airport, but raises concerns about MWAA's transparency, conflicts of interest and contracting practices.

WASHINGTON — The Virginia Resources Authority will execute the largest deal in its nearly 30-year history next week, when it plans to sell $350 million of bonds to help 15 local issuers finance infrastructure projects and refund previously issued debt.

Gov. Bob McDonnell announced Tuesday that Virginia’s revenue collections rose 10.6% in April.

WASHINGTON — Virginia won applause from Moody's Investors Service this week following an overhaul of its pension system, but neighboring Maryland received flak as the credit rating agency warned its proposed budget cuts could harm the credit of local governments.

Virginia Gov. Robert McDonnell announced that the commonwealth has obtained all of the funds needed to proceed with its Elizabeth River Crossings project, including the full $300 million that the Virginia Department of Transportation has committed to the $2.1 billion public-private partnership.

WASHINGTON — The U.S. Department of Transportation has approved a $422 million TIFIA loan for construction of a new midtown tunnel and rehabilitation of existing tunnels in Norfolk and Portsmouth, Va.

A $300 million bond issue designed to keep tolls down on the controversial Dulles Toll Road may be in jeopardy as the Virginia General Assembly votes on a proposed budget that does not include the authorization for the debt.