WASHINGTON — The Capital Beltway Funding Corporation of Virginia, the issuer for $589 million for the Capital Beltway expansion project, on Monday will sell refunding bonds to convert its debt to tax-exempt bonds not subject to the alternative minimum tax, taking advantage of the stimulus law provision ­before it expires at the end of the year.

Meanwhile, Gov. Robert F. McDonnell on Thursday announced his own stimulus plan. One of the provisions includes a ­request to double the debt Virginia can issue for transportation projects based on funding approved in 2007. Current law caps at $300 million the amount that can be ­issued per year under the 2007 appropriation, and McDonnell’s plan will need ­legislative ­approval to increase the amount to $600 million annually, Finance Secretary ­Richard Brown said in an interview.

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