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.