Virginia

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.

Standard & Poor's issued its first public rating of a public-private partnership in the United States, a BBB-minus for a project to build a tunnel under the Elizabeth River between Norfolk, Va., and Portsmouth.

Treasurer Manju Ganeriwala has helped helm Virginia's finances through two governors and a global recession, and though the commonwealth has emerged in better shape than many states, she remains concerned about pension reform and what she feels are misguided efforts at muni market regulation by federal authorities.

WASHINGTON — The Fluvanna County Board of Supervisors voted 5-0 to petition the Virginia Supreme Court for an appeal of a lower court's dismissal of their lawsuit against former financial advisor Davenport & Co. over $67.5 million of 2008 bonds.

A dispute over the revenue projections for the Dulles Toll Road provides the backdrop for a hearing the Fairfax County, Va., Board of Supervisors is preparing to hold March 20 to decide whether to approve the next phase of construction on an associated rail line.

WASHINGTON — A Fluvanna County, Va., circuit court judge on Thursday dismissed the lawsuit the county's Board of Supervisors had filed against their former financial advisor, Davenport & Co., after agreeing with the firm that the court could not decide the case under the state constitution's separation of powers doctrine.

The Virginia House of Representatives has stripped language creating a statewide tolling authority from legislation proposed by Gov. Bob McDonnell, rejecting a model of road finance that has fallen out of favor in recent years but remains viable for other states, according to transportation experts.

Fluvanna County, Va.'s Board of Supervisors and its former financial advisor, Davenport & Co., present two different versions of the December 2008 bond financing for a new high school in documents filed in connection with the board's lawsuit against the firm.

Fluvanna County, Va., and Davenport & Co., its financial advisor for 15 years, are battling each other in a circuit county court over whether the firm misled the county about $67.5 million of bonds sold in December 2008 to finance construction of a new high school.

Virginia Gov. Bob McDonnell said two major energy initiatives that would bring new revenues to the state and create thousands of jobs are moving forward in separate federal approval processes.

The Virginia Department of Transportation and the office of transportation public-private partnerships have released a request for information to develop a procurement strategy for the state’s five transportation operations centers.