19990622 r-99-25 RESOLUTION NO. R-99-25
A Resolution in Support for the Issuance of Bonds
For Category 3 Projects of the
Northern Virginia Transportation District Program
WHEREAS, Chapters 740 and 761 of the 1998 Acts of Assembly amend
Chapter 391 of the 1993 Acts of Assembly, as amended by Chapters 470 and 597 of
the 1994 Acts of Assembly, to redesignate the projects and increase the debt
authorization from $271 million to $366.9 million to finance the cost of the Northern
Virginia Transportation District (NVTD) Program (the "NVTD Legislation"); and
WHEREAS, Chapter 538 of the 1999 Acts of Assembly amend Chapter 391
of the 1993 Acts of Assembly, as amended by Chapters 470 and 597 of the 1994 Acts
of Assembly and by Chapters 740 and 761 of the 1998 Acts of Assembly, to
redesignate the projects and increase the debt authorization from $366.9 million to
$471.2 million; and
WHEREAS, the 1998 NVTD Legislation authorizes $100.9 million in bonds
to be used by the Commonwealth Transportation Board (CTB) for Category 3
Projects, which are comprised of several projects located in the Northern Virginia
region, including Route 50/Courthouse Road Interchange, Fairfax County Parkway,
Route 234 Bypass, Route 28/Route 625 Interchange, King Street Metrorail Station,
and Metrorail Capital improvements; and
WHEREAS, the 1999 NVTD Legislation authorizes $104.3 million in bonds
to be issued by the Commonwealth Transportation Board (CTB) for Category 3
Projects, which are comprised of several projects located in the Northern Virginia
region, including Route 15, Route 1/123 Interchange, Lee Highway, Route 123,
Route 7, Telegraph Road, Route 1/Route 234 Interchange, Metrorail capital
improvements, King Street Metrorail Station, Potomac-Rappahanock Transportation
Commission bus replacement program, Dulles corridor enhanced transit program,
and Ballston Metrorail Station improvements; and
WHEREAS, Chapter 464, Item 523 E.1 of the 1998 Acts of Assembly
appropriates the public right-of-way use fees attributable to Fairfax, Loudoun, and
Prince William Counties to pay debt service on Category 3 Project bonds; and
WHEREAS, Arlington County and the Cities of Alexandria, Fairfax, and
Falls Church have indicated their intent to dedicate available state or local revenues,
through individual contracts with the CTB, to pay approximately 50% of the debt
service on Category 3 Project bonds attributable to each jurisdiction and authorized
by Chapters 740 and 761 of the 1998 Acts of Assembly; and
WHEREAS, Chapter 464, Item 523 E.1. of the 1998 Acts of Assembly
appropriates Commonwealth Transportation Funds to pay Debt service on Category 3
Project bonds in addition to dedicated public right-of-way use fees, and revenues
dedicated through contracts with the CTB, to meet annual debt service requirements
for NVTD Program bonds; and
WHEREAS, Chapter 935, Item 523 E.1. of the 1999 Acts of Assembly
appropriates revenues to the NVTD to pay debt service on Category 3 Project Bonds,
and directs the Governor and the Secretary of Transportation to propose sufficient
funding sources to support the full amount of NVTD Program debt; and
WHEREAS, the NVTD Legislation provides that the CTB shall only issue
the bonds for Category 3 Projects if (i) the governing bodies of at least five of the
jurisdictions (comprising a majority of the population of the participating
jurisdictions) have adopted resolutions endorsing the proposed sale or sales of bonds
to support the Category 3 Projects and (ii) at least two of the jurisdictions
participating in the NVTD Program have entered into a contract that dedicates any
state or local revenues, which may include their secondary allocations, county road
maintenance payments, urban allocations and local public right-of-way use fees, to
pay annual debt service on the NVTD Program bonds; and
R-99-25
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WIIEREAS, such resolutions and contracts pursuant to the NVTD
Legislation shall remain in force so long as any debts or obligations for Category 3
Projects remain outstanding;
NOW, TItEREFORE, BE IT RESOLVED, that the City Council of the
City of Fairfax does hereby endorse the issuance of bonds by the CTB to finance the
cost of Category 3 Projects in the NVTD program;
BE IT FURTItER RESOLVED, that the City Council of the City of
Fairfax does hereby make this endorsement with the understanding that the CTB, and
any other responsible entities, will make their best efforts, including use of any
available short-term debt financing strategies and accelerated right-of-way
acquisition, to initiate construction or transfer payments for the Category 3 projects in
the following time frames;
· Route 50/Courthouse Road Interchange -Summer 2001
· Fairfax County Parkway - Fall 2002
· Route 234 Bypass -Summer 1999
· Route 28/Route 625 Interchange -Summer 2001
· King Street Metrorail Improvements - Fall 2000
· Metrorail Capital Improvements -NVTC transfer by Fall 1999
· Ballston Metrorail Improvements - Fall 2000
· Route 15 Improvements -Fall 2001
· Route 1/Route 123 Interchange -Fall 2001
· Lee Highway Improvements - Fall 2000
· Route 123 Improvements -Spring 2001
· Dulles Corridor Enhanced Transit- Summer 2000
· Route 7 Improvements -Summer 2003
· Telegraph Road Improvements - Summer 2003
· Route 1/Route 234 Interchange - Fall 2002
· PRTC Bus Replacement- PRTC Transfer by Fall 1999
BE IT FINALLY RESOLVED that the City Council of the City of
Fairfax does hereby indicate its intent to enter into a contract with the
Commonwealth Transportation Board, pursuant to Section 58.1-85.1, Code
of Virginia, to dedicate annually approximately $9,000 in state or local funds
to pay its share of debt service in FY 99 and FY00 and future years, so long
as any outstanding debt obligations remain, on Category 3 Project bonds
authorized by Chapters 740 and 761 of the 1998 Acts of Assembly.
Adopted this 22nd day of June 1999.
~" ' ' '~/~[~5 Mayor
ATTEST:
D City Clerk