Committee sends Parkways hearing bill to Finance after bond concerns raised

Counsel told the Senate Infrastructure Committee that House Bill 4419 would require the Parkways Authority to hold public hearings with at least 14 days' notice in each affected county before proposing increases in tolls, rents, fees or charges, and would allow the Joint Committee on Government and Finance to audit sinking-fund-related monies at the request of its chair.

Senator from Randolph moved to send the bill to the Finance Committee to fully vet fiscal implications and potential effects on bond covenants; he said the scale of bond issuances and automatic fee increases warranted Finance’s review. "When we're talking about this much money and these bonds and everything else, I think it warrants the due diligence of the Finance Committee," the senator from Randolph said.

Counsel noted the fiscal note and potential constitutional issues and described how the draft bill aligns with a similar House bill from the prior year. The motion to second-reference HB4419 to Finance passed, and vice chair moved to report the engrossed bill to the Senate with the recommendation that it do pass but first be referred to Finance; the motion was adopted.

Senators expressed concern about protecting bondholders' agreements and ensuring the proposed public-notice and hearing requirements do not unintentionally trigger contractual or constitutional conflicts. The committee's action sends the bill for additional fiscal review before any final floor consideration.