HRPTA  asks you to join with transit allies across Virginia to support HB 1359 (Patron-Delegate Chris Peace - HD 97).  This bill directs the Department of Rail and Public Transportation (DRPT) to convene a Transit Capital Project Revenue Advisory Committee to advise the General Assembly of the cause and impacts of the loss of state transit capital funds and identification of possible additional revenues to recover the capital losses.

    Transit capital keeps buses in a state of good repair, builds transit stops and facilities, and makes route expansion possible.  Annual capital needs are estimated to increase by over $200 million in the next five years due to population growth, higher ridership trends, and changing demographics.  

    The Capital Project Revenue (CPR) bonds that were issued in 2007 to provide for transit are now getting ready to expire.  When they mature in 2018, the proceeds from them will discontinue resulting in a drop of approximately $75 million each year. The result will find Virginia unable to match federal funds and will shift essential funding requirements to local governments risking potential service cuts.  

    We strongly support HB 1359 so that solutions to our pending capital funding crisis can be identified and may lead to legislative and budget initiatives in future General Assembly sessions.