CVTA TAC reviews project list for proposed bond issuance; members note multi‑year schedules and need for local vetting

CVTA staff presented the first compilation of projects submitted by localities for consideration in a potential CVTA bond issuance and described next steps for financial analysis.

Chet said the list — submitted under guidelines that limited jurisdictions to one project each — is the first time staff and committee members have seen the consolidated submissions. The objective is not to evaluate project scope at this stage but to assess, with financial advisers and bond counsel, what the breadth of an issuance might look like and what projects would be realistic to include. Staff will convene the finance directors' working group with PFM (financial adviser) and bond counsel to establish parameters and return to the finance committee and TAC with recommendations.

TAC members raised timing and vetting concerns. A Hanover County representative said their locality had not yet vetted the project with its transportation committee or board and characterized the submission as a planning exercise; the representative said more time would be needed to prepare a formal request. The TAC chair and other members noted many submitted project schedules appear to go beyond the two‑year time frame staff had requested, which may affect bond eligibility or prioritization.

Chet emphasized that the exercise is an informational first step and that future iterations will refine the list based on financial analysis and committee guidance. Staff said they intend to run the bond exercise concurrently with round‑4 allocation work so that bond proceeds and round‑4 allocations can be considered together where appropriate.