Republicans Move to Socialize the Dulles Greenway; Want Subsidies to Drop Toll Rates

Friday, January 18, 2013

Republicans Move to Socialize the Dulles Greenway; Want Subsidies to Drop Toll Rates

Toll Road News reports that Northern Virginia Republicans want the government of Virginia to buy up the investor owned Dulles Greenway and the state Treasury to subsidize tolls for their constituents under state ownership. Legislators from the Dulles Greenway corridor are behind two bills to allow the state to buy up the Dulles Greenway and to make use of subsidy funds to reduce tolls.

Two bills to take over the Greenway have been introduced by state Delegate Joe T. May (Leesburg) who is also chair of the House transportation committee. The takeover is supported by the other Republican delegate from Leesburg district Randy Minchew.

HB1979 authorizes the state Transportation Board to issue Virginia Dulles Greenway revenue bonds to buy the Dulles Greenway. It also establishes a Dulles Greenway Toll Fund as a sub-fund of the state Transportation Trust Fund. The fund is called a "non-reverting fund."

The report also quoted U.S. Congressman Frank Wolf, who called the state takeover "a great idea" and said: "I commend Joe May for putting the bill in. The Greenway is out of control. Tolls are going to go up so high ... they're going to have impact on economic development."

Toll Road News adds that the total longterm debt of the Greenway company at end 2011 was $964 million. Refinancing of the debt is not needed until 2035, 2043, and 2045.

Read the complete, in-depth article at www.tollroadsnews.com/node/6354.