Feb. 7-Richmond-The construction of the US Route 58 up Lover's Leap Mountain has passed the House of Delates. See notes from Del. Poindexter
FOR IMMEDIATE RELEASE Contact: Alexander Thorup
February 7, 2013 (804) 698-1009
House of Delegates passes changes to Route 58 project bond authorization structure
Changes will allow re-issuance of bonds and prioritize Lover’s Leap completion
RICHMOND, VA – The Virginia House of Delegates passed legislation Tuesday that will make key structural changes to the bond authorization measures outlined in the U.S. Route 58 Corridor Development Program. The legislation, carried by Delegate Charles Poindexter (R-Franklin), permits the re-issuance of bonds so long as the principle amount issued does not exceed the bond authorization limit set by the General Assembly. An additional component of the legislation prioritizes the completion of the eight-mile segment from the Vesta section to Stuart known as Lover’s Leap.
“House Bill 1953 is an important step forward in what has been a long, drawn-out process to complete the four-lane improvements to Route 58,” said Delegate Poindexter. “This legislation will convert the current bond authorization into a revolving fund so that re-borrowing can occur as current bond liabilities are repaid. This new, innovative approach will ensure Virginia can continue to fund the project in the future, while still remaining within previously set fiscal parameters. Completing Route 58 to connect with I-77/I-81 at Wytheville is of huge economic importance to our region, as well as growing operations at the Port of Virginia and reducing congestion on I-64 and I-81.”
In 1989, the General Assembly established the U.S. Route 58 Corridor Development Program to enhance economic development potential across Southern and Southwest Virginia. The program was intended to create “Super 58,” a seamless four-lane expressway connecting the communities along the southern border of Virginia from Hampton Roads to the coalfields of Southwest Virginia.
Four-lane Route 58 improvements have been completed from Virginia Beach west to Stuart. Bypasses have been constructed around South Hill, Clarksville, Danville, Martinsville and Stuart.
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