HAMPTON ROADS TRANSPORTATION ACCOUNTABILITY COMMISSION
SPECIAL COMMITTEE MEETING
THURSDAY, MAY 28, 2020 10:00 A.M.
VETERAN REPORTERS HAMPTON ROADS 4801 COLUMBUS STREET SUITE 100 VIRGINIA BEACH VIRGINIA 23462
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 2
1 APPEARANCES
2 HAMPTON ROADS TRANSPORTATION ACCOUNTABILITY
3 COMMISSION:
4 JENNIFER COLEMAN-HODNETT
5 HAMPTON ROADS TRANSPORTATION ACCOUNTABILITY
6 COMMISSION
7 723 WOODLAKE DRIVE
8 CHESAPEAKE VIRGINIA 23320
9 TELEPHONE: 757.420.8300
10 E-MAIL: [email protected]
11
12 CHAIR LINDA T. JOHNSON
13 KEVIN B. PAGE, HRTAC
14 TOM INGLIMA, HRTAC COUNSEL
15 DAVID MILLER, PFM
16 ERIC BALLOU, KAUFMAN & CANOLES
17 MEGAN GILLILAND, KAUFMAN & CANOLES
18 MICHAEL J. HIPPLE, HRTAC
19 CHRISTOPHER HALL, DISTRICT ADMIN FOR VDOT
20 JOHN MIHALY, HRTPO TRANSPORTATION ANALYST
21 DONNIE TUCK, MAYOR OF HAMPTON
22 PAUL FREILING, MAYOR OF WILLIAMSBURG
23 JOSEPH C. LINDSEY, VIRGINIA HOUSE OF DELEGATES
24 STEPHEN BRICH, VDOT COMMISSIONER
25 W. SHEPPARD "SHEP" MILLER, CTB MEMBER
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 3
1 SENATOR JOHN A. COSGROVE
2 RICHARD W. "RICK" WEST, MAYOR OF CHESAPEAKE
3 FRANK RABIL, MAYOR OF FRANKLIN
4 DAVID JENKINS, NEWPORT NEWS CITY COUNCIL
5 KENNETH C. ALEXANDER, MAYOR OF NORFOLK
6 HERBERT GREEN, POQUOSON CITY COUNCIL
7 JOHN ROWE, MAYOR OF PORTSMOUTH
8 JOHN F. MALBON, COMMONWEALTH TRANSPORTATION BOARD
9 THOMAS SHEPPERD, HRTAC
10 SENATOR T. MONTGOMERY "MONTY" MASON
11 WILLIAM M. MCCARTY, ISLE OF WIGHT BOARD OF
12 SUPERVISORS
13 CHRISTOPHER D. CORNWELL, SR., SOUTHAMPTON COUNTY
14 BOARD OF SUPERVISORS
15 ROBERT M. DYER, MAYOR OF VIRGINIA BEACH
16 TOM LEAHY, VIRGINIA BEACH CITY MANAGER
17 J. RANDALL WHEELER, POQUOSON CITY MANAGER
18 DELEGATE CLINT JENKINS
19 DELEGATE MICHAEL MULLIN
20 CATHIE VICK, VIRGINIA PORT AUTHORITY
21 JENNIFER MITCHELL, DRPT
22
23
24
25
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 4
1 HAMPTON ROADS TRANSPORTATION ACCOUNTABILITY
2 COMMISSION
3 SPECIAL COMMITTEE MEETING
4 THURSDAY, MAY 28, 2020
5 10:00 A.M.
6 CHAIR JOHNSON: We will now call
7 the meeting to order, and I'm going to turn to
8 Counselor Inglima to read the declaration for us
9 regarding the purpose of the meeting and to take
10 the roll.
11 MR. INGLIMA: Thank you, Chair
12 Johnson. Thank you, Chair Johnson. In light of
13 the Governor's Declared State of Emergency due to
14 COVID-19, it is impracticable and unsafe for the
15 Commission to assemble in a single location, so
16 the meeting will be held electronically, by
17 telephone, pursuant to the 2020 Amendments to the
18 2019 Appropriation Act. The purpose of the
19 meeting is to discuss or transact the business
20 statutorily required or necessary to continue
21 operations of the Commission and the discharge of
22 its lawful purposes, duties, and
23 responsibilities. The public is welcome to use
24 the number to attend the meeting electronically.
25 The Commission will make available a recording or
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 5
1 transcript of the meeting on its website in
2 accordance with the timeframes established in
3 Sections 2.2-3707 and 2.2-3707.1 of the Code of
4 Virginia.
5 At this time, Chair, in order to
6 confirm that we have a quorum, we will take a
7 roll call. When I state your name, please affirm
8 that you are present. I note that we have
9 received designation for Newport News, Mr. David
10 Jenkins, and for Poquoson, Mr. Herbert Green. If
11 I leave out a formal title in the interest of
12 time, please excuse that. Mr. West?
13 MAYOR WEST: Present.
14 MR. INGLIMA: Mr. Rabil?
15 MAYOR RABIL: Present.
16 MR. INGLIMA: Mr. Tuck?
17 MAYOR TUCK: Present.
18 MR. INGLIMA: Mr. McCarty?
19 MR. MCCARTY: Present.
20 MR. INGLIMA: Mr. Hipple?
21 MR. HIPPLE: Present.
22 MR. INGLIMA: Mr. Jenkins?
23 MR. JENKINS: Present.
24 MR. INGLIMA: Mr. Alexander?
25 MAYOR ALEXANDER: Present.
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 6
1 MR. INGLIMA: Mr. Green?
2 (WHEREUPON, there was no verbal response.)
3 MR. INGLIMA: Mr. Rowe?
4 MAYOR ROWE: Present.
5 MR. INGLIMA: Mr. Cornwell.
6 MR. CORNWELL, SR.: Present.
7 MR. INGLIMA: Ms. Johnson?
8 CHAIR JOHNSON: Present.
9 MR. INGLIMA: Mr. Dyer?
10 (WHEREUPON, there was no verbal response.)
11 MR. INGLIMA: Mr. Freiling?
12 (WHEREUPON, there was no verbal response.)
13 MR. INGLIMA: Mr. Shepperd?
14 MR. SHEPPERD: Present.
15 MR. INGLIMA: Senator Cosgrove?
16 (WHEREUPON, there was no verbal response.)
17 MR. INGLIMA: Senator Mason?
18 SENATOR MASON: Here.
19 MR. INGLIMA: Delegate Jenkins?
20 DELEGATE JENKINS: Here.
21 MR. INGLIMA: Delegate Lindsey?
22 DELEGATE LINDSEY: Present.
23 MR. INGLIMA: Delegate Mullin?
24 DELEGATE MULLIN: Present.
25 MR. INGLIMA: Mr. Malbon?
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 7
1 MR. MALBON: Present.
2 MR. INGLIMA: Commissioner Brich?
3 COMMISSIONER BRICH: Present.
4 MR. INGLIMA: Ms. Mitchell?
5 (WHEREUPON, there was no verbal response.)
6 MR. INGLIMA: Ms. Vick?
7 (WHEREUPON, there was no verbal response.)
8 MR. INGLIMA: Mr. Mihaly, will you
9 advise us whether we have a quorum?
10 MR. MIHALY: We have met our
11 meeting quorum.
12 MR. INGLIMA: Do we also have a
13 quorum for voting?
14 MR. MIHALY: We have met our
15 voting quorum.
16 MR. INGLIMA: Chair Johnson,
17 before turning the meeting back to you, I think
18 it would be helpful to discuss the mechanical
19 aspects for the meeting.
20 CHAIR JOHNSON: Yes.
21 MR. INGLIMA: First, I wanted to
22 ensure everyone can hear the speaker. Please
23 remember to mute your phone when you are not
24 speaking. Second, when you make a motion or a
25 second for a motion, please state your name for
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 8
1 the record. All votes will be by roll call.
2 Voting members should remember to unmute your
3 phones when voting begins, and at the end of each
4 roll call, I will ask Mr. Mihaly to announce the
5 results for the record. Chair Johnson, I pass the
6 meeting back to you.
7 CHAIR JOHNSON: Thank you so much,
8 sir. Our next item is an approval of the agenda.
9 Could I have a motion, please?
10 MR. HIPPLE: Hipple, motion is
11 offered.
12 MAYOR ROWE: Rowe, I second.
13 MR. INGLIMA: I will do the roll
14 call. Mr. West?
15 MAYOR WEST: Yes.
16 MR. INGLIMA: Mr. Rabil?
17 MAYOR RABIL: Yes.
18 MR. INGLIMA: Mr. Tuck?
19 MAYOR TUCK: Aye.
20 MR. INGLIMA: Mr. McCarty?
21 MR. MCCARTY: Yes.
22 MR. INGLIMA: Mr. Hipple?
23 MR. HIPPLE: Aye.
24 MR. INGLIMA: Mr. Jenkins?
25 MR. JENKINS: For.
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 9
1 MR. INGLIMA: Mr. Alexander?
2 MAYOR ALEXANDER: Yes.
3 MR. INGLIMA: Mr. Green, in case
4 you joined?
5 (WHEREUPON, there was no verbal response.)
6 MR. INGLIMA: Mr. Rowe?
7 MAYOR ROWE: Aye.
8 MR. INGLIMA: Mr. Cornwell?
9 MR. CORNWELL, SR.: Yes.
10 MR. INGLIMA: Mayor Johnson?
11 CHAIR JOHNSON: Yes.
12 MR. INGLIMA: Mr. Dyer, in case
13 you joined?
14 (WHEREUPON, there was no verbal response.)
15 MR. INGLIMA: Mr. Freiling, in
16 case you joined?
17 (WHEREUPON, there was no verbal response.)
18 MR. INGLIMA: Mr. Shepperd?
19 MR. SHEPPERD: Yes.
20 MR. INGLIMA: Senator Cosgrove?
21 (WHEREUPON, there was no verbal response.)
22 MR. INGLIMA: Senator Mason?
23 SENATOR MASON: Aye.
24 MR. INGLIMA: Delegate Jenkins?
25 DELEGATE JENKINS: Yes.
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1 MR. INGLIMA: Delegate Lindsey?
2 DELEGATE LINDSEY: Yes.
3 MR. INGLIMA: Delegate Mullin?
4 DELEGATE MULLIN: Aye.
5 MR. INGLIMA: Mr. Mihaly, will you
6 please announce the results?
7 MR. MIHALY: The motion is
8 approved.
9 CHAIR JOHNSON: Thank you so much.
10 Our next item is public comment. I'll ask our
11 executive director, did we receive any?
12 MR. PAGE: Chair Johnson, we did
13 not receive any.
14 CHAIR JOHNSON: Thank you so much.
15 At this time I'd just like to first of all
16 welcome our new members. We actually have four.
17 We have three members of the General Assembly.
18 We'd like to welcome this morning Delegate
19 Clinton Jenkins, who is of the 76th District;
20 Delegate Mike Mullin of the 93rd District, and
21 Delegate Joe Lindsey of the 90th District. We
22 welcome all three of you and look forward to
23 having you on this Commission. In addition, we
24 have a new member, Supervisor McCarty from the
25 Isle of Wight Board of Supervisors. So welcome
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 11
1 to everyone this morning. We have a full meeting
2 and we will go forth with it very quickly so that
3 in the interest of time, everyone will get on
4 with their day. So again, welcome to everyone
5 and we'll begin now with our consent items. And
6 I'll turn to our counsel to read through those.
7 MR. INGLIMA: Madam Chair, the
8 consent items include the minutes of the December
9 12, 2019 regular meeting, the Hampton Roads
10 Express Lanes Network Investment Grade Traffic
11 and Revenue Study, the funding of and actions
12 regarding that work order, and the HRBT Project
13 Agreement for Funding and Administration Bridge
14 Repair Option and the approval of that. We would
15 need a motion and a second.
16 CHAIR JOHNSON: And we would ask
17 our counsel to read the motion. It simply would
18 be to approve the consent items.
19 MR. INGLIMA: Correct.
20 CHAIR JOHNSON: Do we have a
21 motion?
22 MR. HIPPLE: Motion for approval
23 from Hipple.
24 MR. SHEPPERD: Second, Shepperd.
25 CHAIR JOHNSON: Can you do the
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 12
1 roll call, please?
2 MR. INGLIMA: I'll do the roll
3 call. Mr. West?
4 MAYOR WEST: Yes. Very quickly,
5 I'm getting a terrible, terrible echo. Is there
6 anything that I should do to stop that?
7 CHAIR JOHNSON: And actually, I
8 am, as well.
9 MR. INGLIMA: The way to solve
10 that is for everyone to please mute their line.
11 Mr. Rabil?
12 MAYOR RABIL: Yes.
13 MR. INGLIMA: Mr. Tuck?
14 MAYOR TUCK: Aye.
15 MR. INGLIMA: Mr. McCarty?
16 MR. MCCARTY: Aye.
17 MR. INGLIMA: Mr. Hipple?
18 MR. HIPPLE: Aye.
19 MR. INGLIMA: Mr. Jenkins?
20 MR. JENKINS: Yes.
21 MR. INGLIMA: Mr. Alexander?
22 MAYOR ALEXANDER: Aye.
23 MR. INGLIMA: Mr. Rowe?
24 MAYOR ROWE: Aye.
25 MR. INGLIMA: Mr. Cornwell?
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 13
1 MR. CORNWELL, SR.: Yes.
2 MR. INGLIMA: Mayor Johnson?
3 CHAIR JOHNSON: Yes.
4 MR. INGLIMA: Mr. Dyer, if you're
5 on?
6 (WHEREUPON, there was no verbal response.)
7 MR. INGLIMA: Mr. Freiling?
8 (WHEREUPON, there was no verbal response.)
9 MR. INGLIMA: Mr. Shepperd?
10 MR. SHEPPERD: Yes.
11 MR. INGLIMA: Senator Cosgrove?
12 (WHEREUPON, there was no verbal response.)
13 MR. INGLIMA: Senator Mason?
14 SENATOR MASON: Aye.
15 MR. INGLIMA: Delegate Jenkins?
16 MR. JENKINS: Yes.
17 MR. INGLIMA: Delegate Lindsey?
18 JOSEPH LINDSEY: Yes.
19 MR. INGLIMA: Delegate Mullin?
20 MR. MULLIN: Aye.
21 MR. INGLIMA: Mr. Mihaly, will you
22 read the results?
23 MR. MIHALY: The motion is
24 approved.
25 CHAIR JOHNSON: Thank you. Before
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 14
1 we move on to our action items, I did neglect to
2 say, we will have an organizational meeting in
3 June and we need a nominating committee, and I
4 have asked Mayor Rabil, Mayor Alexander, and
5 Supervisor Hipple to be the nominating committee.
6 So we appreciate your service. They have agreed
7 to do so, and we will move forward with that in
8 June. Now if you'll turn to your action item,
9 action item A is the proposed budget. This will
10 be for us to be setting a public hearing and
11 endorsement of the budget, so I'll turn to
12 Executive Director Page, and he will go through
13 that.
14 MR. PAGE: Thank you, Chair
15 Johnson. There's a decision brief on page
16 twenty-six of 362. In that decision brief,
17 you'll find that next year's budget is
18 $7,270,701. This is the budget that is prepared
19 and also has been heard and acted on by the
20 Finance Committee at their May 14th meeting. The
21 motion is for the commissioner's counsel, three.
22 Mayor Johnson, I'll turn the floor back over to
23 you for any questions. This will be a motion for
24 a public hearing.
25 CHAIR JOHNSON: Are there any
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 15
1 questions? Do we have any questions?
2 (WHEREUPON, there was no verbal response.)
3 CHAIR JOHNSON: Do we have any
4 comments from our chair finance, Mr. Hipple?
5 MR. HIPPLE: Not at this time,
6 thank you.
7 CHAIR JOHNSON: All right, if we
8 have no questions, then a motion would be in
9 order.
10 MAYOR TUCK: Mayor Tuck so move.
11 MR. INGLIMA: Mayor Johnson...
12 CHAIR JOHNSON: Do we have a
13 second?
14 MR. INGLIMA: Mayor Johnson, can I
15 read for the record the motion that's being
16 moved?
17 CHAIR JOHNSON: Absolutely.
18 MR. INGLIMA: The motion is the
19 Commission, one, endorses the proposed HRTAC
20 fiscal year 2021 an administrative and project
21 development budget, and two, authorize the
22 executive director to conduct a public hearing on
23 the proposed HRTAC fiscal year 2021
24 administrative and project development budget.
25 MAYOR TUCK: Mayor Tuck for
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 16
1 approval.
2 CHAIR JOHNSON: Who is our second?
3 MR. HIPPLE: Supervisor Hipple
4 second.
5 CHAIR JOHNSON: Could we please
6 call the roll?
7 MR. INGLIMA: Mr. West?
8 MAYOR WEST: Yes.
9 MR. INGLIMA: Mr. Rabil?
10 MAYOR RABIL: Yes.
11 MR. INGLIMA: Mr. Tuck?
12 MAYOR TUCK: Aye.
13 MR. INGLIMA: Mr. McCarty?
14 MR. MCCARTY: Aye.
15 MR. INGLIMA: Mr. Hipple?
16 MR. HIPPLE: Aye.
17 MR. INGLIMA: Mr. Jenkins?
18 MR. JENKINS: Yes.
19 MR. INGLIMA: Mr. Alexander?
20 MAYOR ALEXANDER: Yes.
21 MR. INGLIMA: Mr. Green?
22 (WHEREUPON, there was no verbal response.)
23 MR. INGLIMA: Mr. Rowe?
24 MAYOR ROWE: Aye.
25 MR. INGLIMA: Mr. Cornwell?
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 17
1 MR. CORNWELL, SR.: Yes.
2 MR. INGLIMA: Mayor Johnson?
3 CHAIR JOHNSON: Yes.
4 MR. INGLIMA: Mr. Dyer?
5 MAYOR DYER: Yes. Can you hear
6 me?
7 MR. INGLIMA: Yes, sir.
8 MAYOR DYER: Okay. Yeah, I've
9 been here. I'm not sure if you've been hearing
10 me okay. My apologies.
11 MR. INGLIMA: Mr. Freiling?
12 COMMITTEE MEMBER: Hello? Hello?
13 Hello.
14 MR. INGLIMA: Mr. Shepperd?
15 COMMITTEE MEMBER: Hello?
16 MR. SHEPPERD: Yes.
17 MR. INGLIMA: Senator Cosgrove?
18 COMMITTEE MEMBER: Hello?
19 MR. INGLIMA: If somebody is
20 saying "hello," can they please put their phone
21 on mute? Senator Mason?
22 SENATOR MASON: Aye.
23 MR. INGLIMA: Delegate Jenkins?
24 MR. JENKINS: Yes.
25 MR. INGLIMA: Delegate Lindsey?
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 18
1 DELEGATE LINDSEY: Yes.
2 MR. INGLIMA: Delegate Mullin?
3 DELEGATE MULLIN: Aye.
4 MR. INGLIMA: Mr. Mihaly, the
5 results?
6 MR. MIHALY: The motion is
7 approved.
8 CHAIR JOHNSON: Thank you. We'll
9 now move on to item B, which is the Master
10 Tolling Agreement update and timing. I'll turn
11 to our executive director, Mr. Page.
12 MR. PAGE: Thank you, Chair. This
13 item is down on page twenty-seven of 362 of your
14 agenda package. The staff at the Commission and
15 our attorney will provide a briefing on the
16 status of the Master Tolling Agreement and the
17 likely timeline to finalize, approve, and enter
18 into it, and the timely timeline for the issuance
19 of notice to proceed with respect to the Hampton
20 Roads Bridge Tunnel Expansion Project.
21 Commission may consider this information in its
22 planning action as we move forward through the
23 agenda. I'll now turn the floor over to
24 Counselor Inglima to run through the PowerPoint
25 presentation which follows this briefing memo.
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 19
1 MR. INGLIMA: Thank you, Mr. Page.
2 As the Commissioners will recall, the Master
3 Tolling Agreement is really a framework of
4 agreement that's going to address the design and
5 development of the Hampton Roads Express Lanes
6 Network. That would begin up around Jefferson
7 Avenue in Hampton, continue through the HRBT and
8 the High Rise Bridge to Bower's Hill. The
9 agreement relates to the design, building,
10 financing, operation, and maintenance of the
11 network. With respect to the design, the project
12 will be developed in phases. Presently it's
13 anticipated that the segment between the
14 reversible HOT lanes through the High Rise Bridge
15 would be completed first, then the core portion
16 of the HRBT, and then the remaining elements of
17 the project. VDOT and HRTAC will use a process
18 similar to that used for the first six HRTAC
19 projects. VDOT takes the lead in procuring the
20 goods and services, and HRTAC funds each phase
21 through a project agreement. The financing will
22 be from the Hampton Roads Transportation Fund
23 revenues and from toll revenues, and debt
24 supported by each revenue stream. As you'll
25 recall, when HRTAC met in December, there was
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 20
1 uncertainty as to whether the CTB or HRTAC would
2 impose the tolls and issue the toll back debt.
3 With the adoption of House Bill 1438, there is
4 now specific legislation authorizing HRTAC to do
5 both.
6 For operations, there will be two
7 different periods that apply. During a pre-
8 handover period, VDOT will manage the
9 responsibilities. Post-handover, HRTAC will be
10 the manager. Handover will not occur later than
11 the launch of HRBT, and it could occur earlier if
12 HRTAC elects to assume the role earlier. A
13 financial analysis would be involved in
14 determining whether or not HRTAC feels that's
15 prudent. When HRTAC is the operator, HRTAC could
16 subcontract with either VDOT or a third party.
17 With respect to operations, HRTAC will set the
18 initial tolling policies for the network once the
19 expansion begins. In other words, until the
20 additional segment is added to the reversible HOT
21 lane, the CTB policies with respect to the
22 reversible HOT lanes would continue to apply.
23 Thereafter, it would be HRTAC. HRTAC would have
24 the right to modify the tolling policies in order
25 to comply with the financing covenants. Elective
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 21
1 modifications would be subject to approval of a
2 toll policy committee that is going to be
3 composed of three members appointed by the CTB,
4 or I should say the Secretary of Transportation,
5 rather, and pre-appointed by HRTAC. For
6 maintenance purposes, we distinguish between
7 roadway maintenance which would remain VDOT and
8 the maintenance of the tolling infrastructure and
9 system which would be the responsibility of the
10 operator. So post-handover, that would be HRTAC.
11 The primary open issues at this
12 point relate to the details around the pre-
13 handover period, specifically how the revenues
14 would be used and how the reserve that will be
15 required for the operation of the network will be
16 established and maintained. With respect to the
17 maintenance, VDOT will be maintaining the
18 roadway, so the parties are looking at what
19 potential events could interfere with the toll
20 revenue and how those events should be guarded
21 again. Whether through compensation events for
22 which authority is responsible such as VDOT if
23 that were to be at fault or an insurance policy.
24 We further have as an open issue the term and
25 termination.
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 22
1 The briefing memo at item 6B
2 highlights some timing issues that are presently
3 before us. As you'll recall, HRTAC's funding
4 agreement with VDOT states that HRTAC will rely
5 on toll-backed debt and that the parties must
6 enter into a mutually acceptable Master Tolling
7 Agreement. Because the parties did not enter
8 into a Master Tolling Agreement by April 30th of
9 this year, HRTAC has the right to terminate the
10 funding agreement regarding HRBT. That date was
11 chosen because HRTAC's financial obligation
12 increased once Notice to Proceed is issued.
13 Notice to Proceed is fairly imminent now, which
14 is why HRTAC is also moving in parallel to have a
15 bond offer with VDOT. HRTAC will need the money,
16 but at the same time, HRTAC doesn't want to incur
17 the debt until Notice to Proceed has been issued.
18 The net of all this is that first
19 VDOT and HRTAC need to wrap up the MTA as soon as
20 possible. It is our hope that a substantially
21 complete document may be presented for approval
22 in June. The CTB's approval will actually have
23 to occur over the course of two meetings, so if
24 it's presented in June, it would be formally
25 approved in July. Second, it's advisable to
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 23
1 commence efforts to the bond financing, but the
2 actual confirmation of bond financing should be
3 after Notice to Proceed is issued and the MTA is
4 finalized. That concludes my presentation. I'd
5 be happy to take any questions.
6 CHAIR JOHNSON: Thank you,
7 Counselor. Are there any concerns of the
8 Commissioners?
9 MAYOR ROWE: Madam Chair, John
10 Rowe.
11 CHAIR JOHNSON: Yes.
12 MAYOR ROWE: On slide five, it has
13 a milestone, the word "launch." I think I know
14 what that means, but could our attorney explain
15 that?
16 CHAIR JOHNSON: Counselor Inglima?
17 MR. INGLIMA: Mr. Rowe, if you
18 could repeat the, I couldn't hear what slide you
19 were referring to?
20 MAYOR ROWE: Slide five.
21 MR. INGLIMA: And what was the
22 question?
23 MAYOR ROWE: It says launch, wait
24 a minute...
25 MR. INGLIMA: Okay, sir.
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 24
1 MAYOR ROWE: ...and/or not later
2 then launch a network at HRBT.
3 MR. INGLIMA: Yes, sir. That
4 means...
5 MAYOR ROWE: Is that when the
6 revenue has come?
7 MR. INGLIMA: ...when the HRBT
8 segment has been completed and it is ready to
9 begin tolling operation.
10 MAYOR ROWE: Okay.
11 CHAIR JOHNSON: Any other
12 questions or comments from commissioners?
13 DELEGATE MULLIN: This is Delegate
14 Mullin.
15 CHAIR JOHNSON: Yes, sir.
16 DELEGATE MULLIN: I'm on slide
17 two, design and development of the initial HRBL,
18 it says at the vicinity of Jefferson Avenue in
19 Hampton. Where is that, I mean, which
20 intersection?
21 CHAIR JOHNSON: Executive Page,
22 are you there?
23 MR. PAGE: I'm trying to find it.
24 You said it was slide two?
25 DELEGATE MULLIN: That's correct.
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 25
1 MR. PAGE: Yes, it's in the
2 vicinity of Jefferson Avenue in Hampton. It's
3 where the existing HOV lane begins today. And it
4 will run through all the way...
5 DELEGATE MULLIN: Where they begin
6 or where they end?
7 MR. PAGE: Well, if you're heading
8 east down towards Virginia Beach through the
9 network, it's basically at Bland Boulevard is
10 where it will begin and then run through HRBT and
11 then around to Bower's Hill.
12 MAYOR TUCK: So we're actually
13 talking about Newport News.
14 DELEGATE MULLIN: That's why I was
15 concerned because there's not an intersection
16 with, in Hampton.
17 MR. PAGE: We apologize. It is
18 Newport News.
19 DELEGATE MULLIN: Why is it going
20 that far north? I thought there was some
21 discussion previously with starting somewhere
22 around Hampton Roads Center Parkway.
23 MR. PAGE: Chair Johnson, if I may
24 engage Commissioner Brich to talk a little bit,
25 or Chris Hall, about the...
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 26
1 CHAIR JOHNSON: Certainly.
2 MR. PAGE: ...fiscal model and the
3 proposal of the HREL.
4 CHAIR JOHNSON: Yes, please.
5 DELEGATE MULLIN: Thank you.
6 COMMISSIONER BRICH: I think, Mr.
7 Page, this is Mr. Brich, to follow-up on the
8 Hampton Roads Express Lanes Network, if you
9 recall we started an operational analysis almost
10 two years ago with the onset of the Hampton Roads
11 Bridge-Tunnel in looking at the whole Express
12 Lane Network in a systemic viewpoint. What we
13 had identified was that there was an opportunity,
14 not only to enhance the services that were being
15 provided at the HRBT expansion project, but to be
16 able to provide a reliable travel network for the
17 entire region as far back as Jefferson Avenue and
18 being able to utilize the underserved HOV lanes
19 by giving motorists an option to be able to use a
20 network of express lanes to be able to facilitate
21 unencumbered travel throughout the network at
22 speeds forty-five, at least forty-five miles an
23 hour or above.
24 MR. PAGE: Thank you. In
25 addition, I believe that the HRTPO has recently
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 27
1 taken action. Mayor Rowe, I think you're chair
2 of the HRTPO. I believe the HOT network has been
3 identified all the way to, and thank you for
4 correcting me, Mayor Tuck, Newport News starting
5 at Bland Boulevard, Jefferson, and running
6 through HRBT to the Bower's Hill interchange.
7 MAYOR ROWE: That's correct.
8 CHAIR JOHNSON: Are there any
9 other questions? Comments?
10 (WHEREUPON, there was no verbal response.)
11 CHAIR JOHNSON: Since this is a
12 discussion item at this point, we will proceed
13 forward towards the J meeting. Is that...
14 MR. PAGE: Madam Chair...
15 CHAIR JOHNSON: ...right, Mr.
16 Page?
17 MR. PAGE: Yes, ma'am, and we
18 also, as Counselor Inglima noted, when we get to
19 the bond resolution portion of the $800 million
20 bond approval, we'll talk about some specific
21 parameters that, conditions that have been put
22 into that resolution to discuss the Notice to
23 Proceed and set that date milestone, and also the
24 Master Tolling Agreement being executed and
25 delivered before those bonds are let.
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 28
1 CHAIR JOHNSON: Thank you. So
2 with that', we'll move forward with the rest of
3 the agenda, and items C through F, I believe they
4 are combined into one presentation, but we will
5 take each item separately for motion as the time
6 comes up. So I'm going to turn to Executive
7 Director Page to lead this and...
8 MAYOR WEST: Madam Chair?
9 CHAIR JOHNSON: ...going through
10 this. Yes?
11 MAYOR WEST: Madam Chair, please,
12 this is very, very difficult to follow. Could
13 you please continue to ask folks to mute, I'm
14 really having a hard time following the
15 conversations.
16 CHAIR JOHNSON: I have the mute
17 on.
18 COMMITTEE MEMBER: Madam Chair, I
19 second that.
20 CHAIR JOHNSON: Executive Page,
21 can we, what can we do?
22 MR. PAGE: We can always try to
23 place the meeting in recess and then reaggregate
24 the conference line, hoping that this would
25 rectify itself with a re-call in.
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 29
1 CHAIR JOHNSON: Let's do that.
2 MR. PAGE: Okay. Let's ask
3 general counsel to help us with setting the
4 meeting in recess and calling back in.
5 MR. INGLIMA: Just take a motion
6 and a second, and if all in favor, we'll do a
7 quick roll call.
8 MR. PAGE: Chair Johnson, if we
9 could have you entertain a motion to recess the
10 meeting at 10:30 and then we start back at 10:35
11 so we can get five minutes for everyone to get
12 back on the phone.
13 CHAIR JOHNSON: Thank you. Could I
14 have a motion, please?
15 MAYOR WEST: This is Rick West. I
16 move to recess for five minutes.
17 MR. GREEN: Buddy Green, I second.
18 MR. INGLIMA: Mr. West?
19 MAYOR WEST: Yes.
20 MR. INGLIMA: Mr. Rabil?
21 MAYOR RABIL: Yes.
22 MR. INGLIMA: Mr. Tuck?
23 MAYOR TUCK: Aye.
24 MR. INGLIMA: Mr. McCarty?
25 MR. MCCARTY: Aye.
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 30
1 MR. INGLIMA: Mr. Hipple?
2 MR. HIPPLE: Aye
3 MR. INGLIMA: Mr. Jenkins?
4 MR. JENKINS: Yes.
5 MR. INGLIMA: Mr. Alexander?
6 MAYOR ALEXANDER: Yes.
7 MR. INGLIMA: Mr. Green?
8 MR. GREEN: Aye.
9 MR. INGLIMA: Mr. Rowe?
10 MAYOR ROWE: Aye.
11 MR. INGLIMA: Mr. Cornwell?
12 MR. CORNWELL, SR.: Yes.
13 MR. INGLIMA: Chair Johnson?
14 CHAIR JOHNSON: Yes.
15 MR. INGLIMA: Mr. Dyer?
16 MAYOR DYER: Yes.
17 MR. INGLIMA: Mr. Freiling?
18 (WHEREUPON, there was no verbal response.)
19 MR. INGLIMA: Mr. Shepperd?
20 MR. SHEPPERD: Yes and can I
21 confirm you can hear me?
22 MR. INGLIMA: Yes, we can.
23 MR. SHEPPERD: Okay, could I ask
24 the chair, I'll ask when we get back on.
25 MR. INGLIMA: Maybe we can return
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 31
1 to that when we reconvene. Senator Cosgrove?
2 (WHEREUPON, there was no verbal response.)
3 MR. INGLIMA: Senator Mason?
4 SENATOR MASON: Aye.
5 MR. INGLIMA: Delegate Jenkins?
6 DELEGATE JENKINS: Yes.
7 MR. INGLIMA: Delegate Lindsey?
8 DELEGATE LINDSEY: Yes.
9 MR. INGLIMA: Delegate Mullin?
10 DELEGATE MULLIN: Aye.
11 MR. INGLIMA: Mihaly?
12 MR. MIHALY: The motion to recess
13 is approved.
14 MR. PAGE: Okay, thank you. If
15 everyone, Chair Johnson, could call back in. If
16 you're using a hands-free Bluetooth line in your
17 car, please make sure you're also muting that,
18 and also if you're using a computer to call in,
19 please make sure you're muting that, too, as
20 well. Thank you.
21 (WHEREUPON, a brief recess was taken at 10:30
22 a.m. and reconvened at 10:35 a.m.)
23 COURT REPORTER: This is Cheryl
24 Lane, the court reporter. I'm on. Can you hear
25 me?
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 32
1 MR. PAGE: Yes, we can hear you.
2 Thank you.
3 CHAIR JOHNSON: Yes, we can.
4 COURT REPORTER: Okay.
5 MR. PAGE: Much better.
6 MR. SHEPPERD: Hey, Kevin.
7 MR. PAGE: Yes?
8 MR. SHEPPERD: Kevin, Tom
9 Shepperd. I was having, during that part about
10 the tolling agreement, I was trying to ask a
11 question. So, when we came back, you guys can't
12 hear me, so anyway.
13 CHAIR JOHNSON: We'll get back to
14 you, Tom.
15 MR. SHEPPERD: Okay, thank you.
16 MR. PAGE: Chair Johnson, it's
17 10:36. Hopefully everyone has had time to call
18 back in. It's a much clearer line now. I
19 apologize on behalf of the Commission for the
20 technological problem this morning, but let's
21 hope we can let the aspirin kick in from the
22 reverb and hopefully we'll be okay without a
23 repeat headache.
24 CHAIR JOHNSON: I think we'll be
25 fine.
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 33
1 MR. PAGE: I guess it's
2 appropriate for you to call us back to order and
3 then have Counselor Inglima call the roll.
4 CHAIR JOHNSON: All right, at this
5 time I'll call the Commission back to order.
6 Could we have the roll call, please?
7 MR. INGLIMA: Mr. West?
8 MAYOR WEST: Present.
9 MR. INGLIMA: Mr. Rabil?
10 MAYOR RABIL: Present.
11 MR. INGLIMA: Mr. Tuck?
12 MAYOR TUCK: Present.
13 MR. INGLIMA: Mr. McCarty?
14 MR. MCCARTY: Present.
15 MR. INGLIMA: Mr. Hipple? Mr.
16 Hipple?
17 MR. PAGE: Okay, excuse me, if I
18 can just interrupt, sorry for this time. Whoever
19 just joined the call that just turned a turn
20 signal on, that's where our reverb is coming
21 from. Could you please mute your line?
22 MR. INGLIMA: Mr. Hipple?
23 (WHEREUPON, there was no verbal response.)
24 MR. INGLIMA: Mr. Jenkins?
25 (WHEREUPON, there was no verbal response.)
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 34
1 MR. INGLIMA: Mr. Alexander?
2 MAYOR ALEXANDER: Here.
3 MR. INGLIMA: Mr. Green?
4 MR. GREEN: Present.
5 MR. INGLIMA: Mr. Rowe?
6 MAYOR ROWE: Present.
7 MR. INGLIMA: Mr. Cornwell?
8 MR. CORNWELL, SR.: Present.
9 MR. INGLIMA: Mayor Johnson?
10 CHAIR JOHNSON: Yes, here.
11 MR. INGLIMA: Mr. Dyer?
12 MAYOR DYER: Yes, I'm here.
13 MR. INGLIMA: Mr. Freiling?
14 (WHEREUPON, there was no verbal response.)
15 MR. INGLIMA: Mr. Shepperd?
16 MR. SHEPPERD: Here.
17 MR. INGLIMA: Senator Cosgrove?
18 (WHEREUPON, there was no verbal response.)
19 MR. INGLIMA: Senator Mason?
20 SENATOR MASON: Here.
21 MR. INGLIMA: Delegate Jenkins?
22 DELEGATE JENKINS: Here.
23 MR. INGLIMA: Delegate Lindsey?
24 DELEGATE JENKINS: Here.
25 MR. INGLIMA: Delegate Mullin?
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 35
1 DELEGATE MULLIN: Here.
2 MR. INGLIMA: Mr. Mihaly?
3 MR. MIHALY: We've met our meeting
4 quorum and we've also met our voting quorum
5 again.
6 MR. INGLIMA: Thank you, sir.
7 CHAIR JOHNSON: Thank you very
8 much, everyone. I apologize for that, but it
9 does sound like we have a much better connection
10 mow. And before we move on, we were moving on to
11 do our next item, Commissioner Shepperd, you said
12 you had a question on the Master Tolling
13 Agreement that no one could hear at the time.
14 MR. SHEPPERD: Yeah, thank you.
15 The question I had is pretty simple. I'm just a
16 little concerned. I heard in the presentation
17 that, I believe that there was a tolling
18 committee that would make up three members
19 appointed by the CTB, or Secretary of
20 Transportation, and pre-appointed by HRTAC; is
21 that correct?
22 MR. PAGE: You heard correctly.
23 MR. SHEPPERD: Okay, so how do
24 you, how is the city supposed to break a tie on a
25 decision?
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 36
1 MR. PAGE: There presumably would
2 have to be consensus, and I know that's an
3 imperfect result, but the tolling policies, once
4 they are established, are going to be primarily
5 driven by the financing covenants. And so
6 elective changes will probably not be very often
7 or considerable, and there is an expectation that
8 the parties would essentially reach consensus on
9 what those changes would need to be.
10 MR. SHEPPERD: Okay, my concern is
11 that after having lived through numerous
12 engagements with the state at state-level issues
13 involving HRTAC and hearing from both TPO staff,
14 HRTAC staff on the disagreements that occur, that
15 it strikes me that, I'm sensitive to the fact
16 that there needs to be some, you know, I'm just
17 real sensitive to the fact that they don't
18 necessarily control everything we're doing in
19 HRTAC. That's my approach. So that's why I'm
20 asking this question, and I, the answer you gave
21 me kind of led me to wonder why then would we
22 have a committee if they're not making the
23 decisions.
24 MR. PAGE: Commissioner, I think
25 you raise a fair point, and obviously the
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 37
1 agreement is still in the process of negotiation.
2 The concerns that, and Commissioner Brich is on
3 the phone, I'll let him speak to his own
4 argument, but the state feels that they have a
5 significant interest in the safety of the network
6 and in, as the primary operator of the roadways
7 in the state. And so if perhaps we could tie in
8 segments the decisions into those that impact the
9 safety versus those that don't. To date there's
10 been a fairly firm position from the state that
11 with respect to the long-term operation in the
12 policies, the state did not want to have the
13 HRTAC, you know, making decisions unilaterally.
14 MR. SHEPPERD: Okay. I understand
15 that, but that still doesn't answer my question
16 how the policy issues...
17 MR. INGLIMA: Mr. Inglima. Maybe
18 I can shed some light on this portion, being able
19 to make sure that we continue to, the concern
20 that the, had in this is that post establishing
21 the policies associated with the tolling, what
22 may happen at a future date, we simply don't
23 know. The issue that we have would be that is
24 there a change in the tolling policy that may
25 take place that could affect the operations of
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 38
1 the overall network? Not just the express lanes
2 but also the interaction that the express lanes
3 would have on the general purpose lanes as we are
4 continuing to operate the general purpose lanes
5 in a free environment. The Federal Highway
6 Administration is going to look to the
7 Commonwealth to operate the entire interstate
8 network as a whole and be responsible for it, so
9 the tolling policy committee would then be set up
10 to be able to review the proposed policies,
11 determine whether or not there would be any
12 violation, say a federal law that may exist at
13 some point in time with that, and what I can
14 point to in that case is the expectation that the
15 express lanes with the conversion of the HOV lane
16 to a HOT lane are required to operate at forty-
17 five miles an hour or above. With that being
18 said, not certain what the HRTAC tolling policy
19 may or may not be at a future date, but certainly
20 have the opportunity to have the policy committee
21 to take a look at what the policy is, its
22 implication to the overall operations to the
23 entire network, not just the express lanes in
24 isolation, and look and be cognizant of whether
25 or not it has any impacts on federal or state law
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 39
1 at that point in time. Recognizing this is a
2 fifty-year agreement, it certainly is a mechanism
3 to be able to make sure that we continue to
4 evaluate the changes in policy and its impacts to
5 the overall network.
6 MR. SHEPPERD: Madam Chair?
7 CHAIR JOHNSON: Yes.
8 MR. SHEPPERD: Okay, I don't
9 dispute the issue of VDOT being responsible for
10 the safety of our interstate system or any road.
11 The question is that, come back to the example of
12 the tolling when we included that portion of
13 Jefferson Avenue, we have back from the Hampton
14 Roads Parkway, push it all the way back up to
15 Jefferson because of the safety discussion, and
16 then the part that occurred. What I'm concerned
17 with is that if we have a dispute on the tolling
18 policy that occurred, which we, I mean, we went
19 around and around with VDOT and the secretary
20 over the issues, that if there's a dispute in
21 there that can't be resolved at the committee,
22 that it be brought back to the HRTAC as a whole
23 to resolve. And I'm going to get off the
24 subject, but I think you understand my concern
25 with how we control, if you will, the policy and
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 40
1 the revenue that comes out of the Hampton Roads
2 to sponsor and pay for all these projects. Thank
3 you.
4 CHAIR JOHNSON: And if I might,
5 Commissioner Shepperd, I just wanted to, you
6 know, this is a discussion item for today and
7 certainly is something, and help me, executive
8 director or commissioner if I'm incorrect here,
9 but I know that multiple parties on both sides
10 with the commission and with VDOT commission, of
11 which I know you and our executive have been
12 working tireless on this. The intent here is so
13 that we can look at the bond movement and to work
14 toward the Notice to Proceed, which would make it
15 a live project. So I think at this point in
16 time, you know, there's a lot of room for
17 discussion here, but recognizing that we are
18 working this together bilaterally and making
19 things, to make this Master Tolling Agreement
20 come to fruition. And if I'm incorrect, please
21 correct me.
22 COMMISSIONER BRICH: Madam Chair,
23 I certainly, yes, we are working tireless on it
24 and looking to bring this issue to closure. I
25 would like to only point out one comment that Mr.
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 41
1 Shepperd seemed to indicate that the, still that
2 there may be some confusion on toll-backed debt
3 of the toll revenues from the region being
4 removed out of the region. I don't, we've been,
5 I think, hopefully pretty clear that the region
6 is certainly with the House Bill 1438 being moved
7 through, that the region is responsible for the
8 revenues and the region will continue to collect
9 those revenues for those purposes, and maybe Mr.
10 Page could elaborate a little bit on that and
11 hopefully take, remove those concerns from the
12 discussion. I think the portion of the MTA that
13 does deal with having the toll policy committee
14 is put in a place for future decisions that may
15 have an impact on not only the safety of the
16 system but the total operations of the network at
17 some future date. But you are correct that we
18 continue to work on these issues in earnest, and
19 frankly we continue to make significant progress
20 on the MTA is, as Mr. Inglima has pointed out,
21 there are a couple of items that are still issues
22 that are looming out there, but I would say that
23 we've made some very significant progress over
24 the last month, month-and-a-half on the MTA and
25 really do not see any issues that are not capable
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 42
1 of being resolved.
2 CHAIR JOHNSON: Thank you.
3 COURT REPORTER: Who was that
4 just speaking?
5 MR. MILLER: Madam Chairwoman,
6 this is...
7 COURT REPORTER: I'm sorry, who
8 was that just speaking? I'm the court reporter.
9 CHAIR JOHNSON: That was
10 Commissioner Brich.
11 COURT REPORTER: Okay, thank you.
12 CHAIR JOHNSON: Did I hear someone
13 ask...
14 MR. SHEP MILLER: Madam
15 Chairwoman, yeah, this is CTB member Miller. May
16 I ask a question?
17 CHAIR JOHNSON: Certainly. Good
18 morning.
19 MR. SHEP MILLER: Hey, how are
20 you? Hope everybody's well. So this toll policy
21 committee would be, to Mr. Shepperd's point,
22 would be six people, three appointed by the
23 secretary and three that came from TAC, and I
24 presume the ones that the secretary appoints
25 don't have a requirement to come from any one
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 43
1 specific place, be it a member of the TAC or
2 otherwise; is that correct?
3 MR. PAGE: That's correct.
4 MR. SHEP MILLER: The secretary is
5 going to appoint whoever they want to appoint, or
6 whoever she wants to appoint at this point. And
7 so if there was a change in the tolling, if there
8 was a change that the Commission wanted to have
9 on tolling, change of rate or whatever, is it
10 constructed in a way that this committee would
11 have to approve that first? And without their
12 approval, there would be no change? Is that
13 correct?
14 MR. PAGE: Yes. If there's a
15 change after the initial policies are set.
16 MR. SHEP MILLER: So the whole
17 concept that we've had from the beginning was
18 that the Commission and the local leaders who
19 have taxed their own people with the blessing of
20 the state to build this facility, build these
21 facilities, would have control over the tolling
22 policy. And it seems to me that this is a
23 mechanism that demonstrates if we employed it
24 that they would not have control over the tolling
25 policy, that that control would be delegated to a
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 44
1 subgroup partially not comprised of TAC members
2 perhaps, and without their approval or consent,
3 there would be no changes to tolling policy. I'm
4 not sure how that stacks up given, stacks up
5 against what was originally intended in terms of
6 who would control these policies. And I accept,
7 and I totally understand the safety piece and the
8 overall network piece, but the bottom line is the
9 vast majority of this money is coming out of the
10 region, not out of the state. So that's my
11 question.
12 MR. INGLIMA: Madam Chair?
13 CHAIR JOHNSON: Yes.
14 MR. INGLIMA: Madam chair, it's
15 Mr. Inglima. If I could, I think that the
16 comments that we've heard from Mr. Shepperd and
17 Mr. Miller are very instructive and helpful. As
18 we indicated, we are still in the course of
19 negotiating and finalizing the agreement. We
20 will take those comments back to our negotiations
21 in trying to craft a better solution to this
22 point.
23 CHAIR JOHNSON: All right, thank
24 you. Is everyone ready to move on to item C?
25 COMMITTEE MEMBER: Please.
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 45
1 CHAIR JOHNSON: As we discussed
2 earlier, items C, D, E and F will be really
3 basically one presentation, but there will be
4 stopping points along the way with the presenters
5 where we would have a motion and our Counselor
6 Inglima would be reading those motions to us for
7 our consideration. So I'll move on with the
8 presentation. Mr. Page?
9 MR. PAGE: Yes, thank you, Chair
10 Johnson. The presentation that you have before
11 you, starting on page forty of 362, involves the
12 remaining of the action items of the Commission.
13 For efficiency and knowing we'd be on the
14 telephone together, we felt it was very prudent
15 for us to move forward with, in the thralls of
16 the pandemic and also looking at anticipated
17 revenues, especially as we're moving in parallel
18 to continue to fund the Hampton Roads Bridge-
19 Tunnel project and set up that financing plan, is
20 that staff felt it was very prudent to work with
21 its financial advisors and also with the Finance
22 Committee, and this was presented back at May
23 14th at the Finance Committee meeting. And
24 Finance Committee Chair Hipple we'll bring in and
25 have some comments when we get to the action
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 46
1 items. But as we go forward with this, this full
2 presentation, beginning on page forty of your
3 package, will be presented by David Miller,
4 myself, and also Megan Gilliland, who is our bond
5 counsel for the Commission, as well as Counselor
6 Inglima may have some items to add, too, as well,
7 as we go through that discussion. So I'd like to
8 turn the floor over to David Miller to move
9 through this presentation, and we hope that the
10 commissioners will find that it's very
11 informative and also answer a lot of questions
12 and give comfort to the commissioners that we
13 have been very prudent as staff to the Commission
14 and the team that supports the Commission through
15 the executive director, that we have now been
16 able to very responsibly look at what are the
17 impacts of COVID, especially in light of the
18 Hampton Roads Bridge-Tunnel project Notice to
19 Proceed looming ahead very quickly, and that
20 effort happening this summer before this pandemic
21 is probably going to be over. So David Miller,
22 I'll turn the floor over to you to continue with
23 the presentation. Thank you.
24 MR. DAVID MILLER: Thank you,
25 Kevin. The information was presented in detail
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 47
1 to the Finance Committee two weeks ago. I'm
2 going to try to move through it quickly in the
3 interest of time. We did move some of the
4 details back to appendices to shorten up what I
5 would present today. Certainly, if there's any
6 questions, just let me know. I'm happy to slow
7 down and answer any questions. I will refer to
8 the PDF page numbers as Kevin has been doing.
9 Please don't be confused by the numbers in the
10 lower right of the presentation. For instance,
11 PDF page forty-one has a two down in the lower
12 right. I'm going to refer to the PDF page
13 numbers. So page forty-one, Kevin has already
14 said, the intents of this was we have been
15 updating a debt management plan in February,
16 presented it to the Finance Committee in March,
17 but then with the pandemic and shutdowns and work
18 from home and all of that, we thought we should
19 go back and revisit the revenue estimates in
20 particular and see what the impact may be on the
21 overall debt management plan and funding plan.
22 Page forty-two, PDF page forty-
23 two, the methodology. I will say that there's a
24 lot of detail on the stress test that we moved
25 into the appendices. I'm going to have just a
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 48
1 few slides at a very high level. We started with
2 fiscal year 2019 results, which was pre-pandemic.
3 There was some audit of some of the fuels taxes
4 and special assessments that we do not believe
5 would be recurring. We discussed this with
6 Kevin. We discussed it with VDOT and so we
7 adjusted the 2019 results by $11 million for that
8 one-time catch-up assessment. Steps two, three
9 and four, I'll cover primarily on the next couple
10 of slides. Some of the percentages you see in
11 these bullets came out of our stress test. I'll
12 summarize that on the next page. We did adjust
13 revenues for House Bill 1414 and the fuel tax
14 rate increase starting fiscal year 2021. And
15 then after we applied a near-term stress test, we
16 picked up with the historical trend line that
17 we've been using previously with TIFIA and the
18 rating agency. So again, there's details of this
19 revenue stress test. It's not an economic
20 forecast. It's a stress test.
21 And so page forty-three has a
22 graphic. What we did is we took information that
23 was being provided by Moody's Investor Service
24 and Fitch Investors, two of the rating agencies
25 that rate your HRTF bonds, and they have put out
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 49
1 economic forecasts and they have put out reports
2 on impacts they expect to happen to special tax
3 revenues such as a sales tax or a fuels tax.
4 They also put out reports that said how states
5 have performed in prior recessions such as the
6 Great Recession, 2008, '09, and '10, and so each
7 of them had a base case and a second stress case
8 that they looked at. And so that's four of the
9 lines that you see in the graphic on slide forty-
10 three.
11 We also went back and we, the
12 regional local option sales tax, it's not exactly
13 the same tax base as the HRTF sales tax, but we
14 thought that would be a good proxy. We went back
15 and looked at the regional sales tax performance
16 from 2007 through 2012, and so we took all of
17 these percentage declines and then starting to
18 grow again from Moody's and Fitch and from the
19 historical precedent, and we averaged them. And
20 so the result was, you see kind of the gray
21 dotted line at the top with the original
22 projection, that was derived from the state tax
23 projections out for six years and then
24 extrapolated by the trend line that we had used.
25 And so now if you look at the red dotted line,
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 50
1 that is our new stress case, so a significant
2 decline in 2020 and then starting to resume a
3 little bit of growth, but we never catch up to
4 the original projection. Numerically on page
5 forty-four, you can see those decline, fifteen,
6 sixteen, fourteen percent in 2020 through 2022,
7 and then we settle into 10.7% decline for the
8 rest of the forecast. Our additional bond test
9 for our financial...
10 (WHEREUPON, someone was talking in the
11 background.)
12 MR. DAVID MILLER: Was there a
13 question?
14 (WHEREUPON, there was no verbal response.)
15 MR. DAVID MILLER: Okay. The
16 financial forecast that we use with our TIFIA
17 loan is a projected revenue test, so it's not
18 only the near-term impacts but the long-term
19 impacts of this stress test is important to our
20 overall financing capacity. The rating agencies
21 have also put out feedback on toll revenues.
22 We're seeing toll revenue, or toll road operators
23 across the nation with very significant traffic
24 and revenue declines right now. However, we're
25 not counting on toll revenues, the start of
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 51
1 tolling for HRBT. That was the point that Tom
2 covered in the MTA discussion. So we hope that
3 the worst of the economic impacts are certainly
4 over long before fiscal year 2026. There was
5 some rating agency discussion, it's almost
6 speculation, but speculating or discussing, are
7 there going to be long-term traffic declines
8 because more people will permanently start to
9 work from home? We don't know that yet, but
10 looking at this rating agency guidance, we did
11 take our entire toll revenue line down 6%. So
12 that was our stress test, and we use the stress
13 test revenues for the plans and numbers that you
14 will see in each of agenda items 6C, D, E and F,
15 and so that's why I wanted to cover the stress
16 test upfront. If there are no questions, I'll
17 move into some additional financial results that
18 apply to agenda items 6C, D and E.
19 CHAIR JOHNSON: Are there any
20 questions at this time? If not, sir, continue.
21 MR. DAVID MILLER: Okay. I'm
22 moving up to PDF page forty-seven of 362. You
23 may have seen similar graphic to this before.
24 This lays out the amount and timing and type of
25 debt issuance to fund the plan. The three bars
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 52
1 on the lower right-hand side of this graphic have
2 already been completed. That was the HRTF's
3 revenue bond and the TIFIA loan and TIFIA
4 anticipation notes that were done in 2018 and
5 2019 for the first six projects. So that is
6 completed. The rest of the bars, the kind of
7 crossed bars in the green and the red, 790,520,
8 that is an additional TIFIA loan for HRBT. Part
9 of it is secured by the HRTF and part of it is
10 secured by toll revenues. The Commission
11 previously authorized this and we have submitted
12 a letter of interest, and we are getting underway
13 with TIFIA for an HRBT loan. I want to be
14 careful to say that the toll revenues we're
15 working with are preliminary. There is an
16 update. It was on your consent agenda earlier
17 today. CDM Smith is updating their investment
18 grade traffic and revenue report. I think VDOT
19 is also looking at the tolling O&M costs. So we
20 will adjust the amount of the TIFIA loan secured
21 by tolls as we go through this process. The
22 letter of interest we submitted was for $575
23 million. We didn't want to shoot too low with
24 TIFIA, but once we get through the final traffic
25 and revenue negotiations with TIFIA, the numbers
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 53
1 may move around a little bit, but in total, we're
2 asking for one-third of the HRBT project costs to
3 be funded from TIFIA. That's the maximum by law
4 that they'll fund.
5 The other two bars are agenda
6 items 6E, and that's the issuance of HRTF revenue
7 bonds for the HRBT project. We're showing it
8 graphic at two separate issues, but the
9 resolution that Megan will describe later gives
10 us the flexibility to sell it in one or more
11 issues. The market has been somewhat, the bond
12 market in flux, so we just want the flexibility
13 to time the amount, the issuance as we think best
14 fits.
15 Slide forty-eight, as I said, we
16 had a projected revenue test over the TIFIA
17 loans, and so, you know, one of the key metrics
18 we look at is what is our coverage ratio, and you
19 can see the revenue line at the top, which is
20 adjusted for our required coverage ratio. This
21 is based on the stress test revenue, so you can
22 see it dips down sharply at the beginning and
23 then hits the trend line. You can see this is
24 well above our anticipated debt service for the
25 first six projects and the HRBT. We assumed
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 54
1 interest rates well above current market levels,
2 the minimum HRTF cash balance of $100 million
3 dollars and you still have room to spare. So
4 this gives us a lot of comfort that even though
5 the economic times are still uncertain, that
6 we've got a plan that works and have some room to
7 spare. Slide forty-nine...
8 MR. PAGE: Thank you, David. If I
9 could, David, if I could interrupt, someone is
10 driving down a road because we can hear the
11 asphalt bumps. Could you please put your phone
12 on mute? That's giving us a lot of feedback.
13 Thank you.
14 MR. DAVID MILLER: Okay.
15 MR. PAGE: Thank you. Go ahead,
16 David.
17 MR. DAVID MILLER: PDF page forty-
18 nine out of 362 is just another way of showing
19 the coverage information. Our financial covenant
20 requirement is the blue line, 1.35x, based on the
21 stress test revenues and the estimated debt
22 service that I described two slides earlier. We
23 should average around 2x debt service coverage,
24 so again, uncertain economic times, but we feel
25 like this is a very feasible high-quality plan of
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 55
1 finance with a little bit of coverage room to
2 spare.
3 As I said, that's kind of the
4 high-level results that relate to each of agenda
5 items 6C, D and E, and Kevin, do you want to say
6 anything about these agenda items or would you
7 like me to kind of continue through the
8 presentation?
9 MR. PAGE: Yeah, David, why don't
10 you continue with your presentation, and then
11 when you conclude the 6C item, we will pause and
12 then have the counselor read the action and take
13 the, of course take the roll on the vote.
14 MR. DAVID MILLER: Okay. Well,
15 slide fifty-one out of 362, this is the only
16 slide I have for agenda item 6C. This just shows
17 the costs of the HRBT project and the various
18 sources including the loans and debts that I
19 described previously. There's nothing different
20 in this from the materials I just covered. It's
21 just a detailed table of numbers with sources and
22 uses in a graphic, but it's this plan that's laid
23 out on page fifty-one that resulted in those
24 coverage ratios that I just showed you. So this
25 is my only slide for agenda item 6C.
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 56
1 MR. PAGE: Thank you, David, and
2 Chair Johnson and members of the Commission, we
3 as staff and the supporting team wanted to
4 provide the Commission some comfort through the
5 Finance Committee and their work, and I want to
6 thank the committee's work with us and staff and
7 finance advisors. To move forward with COVID
8 adjustments and a stress test to the revenue
9 estimates that had been provided by the
10 Department of Taxation, we felt it was very
11 prudent to move forward with this, that it's
12 responsible in the event of us having to move
13 forward in the Commission with the implementation
14 of our six-year program. You know, we have
15 projects that are advancing, continuing under
16 construction, and through the existing six-year
17 program and the step management financing plan,
18 you can see we run all the way through the
19 Hampton Roads Bridge-Tunnel project. So to that
20 end, Chair Johnson, I'll turn the floor over to
21 you for any questions on this action item, and if
22 not, from your floor question, we'll take the
23 call for question over to Counselor Inglima.
24 Thank you.
25 CHAIR JOHNSON: Thank you. Do we
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 57
1 have any questions from any commissioners on item
2 6C?
3 (WHEREUPON, there was no verbal response.)
4 CHAIR JOHNSON: If not, we would
5 entertain, Counselor, a motion.
6 MR. INGLIMA: Madam Chair, the
7 motion would be as follows. In the absence of
8 updated revenue projections from the
9 Commonwealth, Commission, one, endorses the
10 continuation of the HRTAC current approved debt
11 management plan for HRTAC's approved projects
12 including the I-64 Hampton Roads Bridge-Tunnel
13 Expansion Project, with stress test adjustments
14 based on a COVID-19 potential impact review, and
15 two, approve the application of stress test
16 adjustment based on the COVID-19 potential impact
17 review.
18 CHAIR JOHNSON: Thank you very
19 much. Do I have a motion?
20 MAYOR ROWE: So moved, John Rowe.
21 CHAIR JOHNSON: Second?
22 MR. GREEN: Second, Buddy Green.
23 CHAIR JOHNSON: Would you call the
24 roll, please?
25 MR. INGLIMA: Mr. West?
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 58
1 MAYOR WEST: Yes.
2 MR. INGLIMA: Mr. Rabil?
3 MAYOR RABIL: Yes.
4 MR. INGLIMA: Mr. Tuck?
5 MAYOR TUCK: Aye.
6 MR. INGLIMA: Mr. McCarty?
7 MR. MCCARTY: Aye.
8 MR. INGLIMA: Mr. Hipple?
9 MR. HIPPLE: Aye.
10 MR. INGLIMA: Mr. Jenkins?
11 MR. JENKINS: Yes.
12 MR. INGLIMA: Mr. Alexander?
13 MAYOR ALEXANDER: Aye.
14 MR. INGLIMA: Mr. Green?
15 MR. GREEN: Aye.
16 MR. INGLIMA: Mr. Rowe?
17 MAYOR ROWE: Aye.
18 MR. INGLIMA: Mr. Cornwell?
19 MR. CORNWELL, SR.: Yes.
20 MR. INGLIMA: Mayor Johnson?
21 CHAIR JOHNSON: Yes.
22 MR. INGLIMA: Mr. Dyer?
23 MAYOR DYER: Yes.
24 MR. INGLIMA: Mr. Freiling?
25 (WHEREUPON, there was no verbal response.)
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 59
1 MR. INGLIMA: Mr. Shepperd?
2 MR. SHEPPERD: Yes.
3 MR. INGLIMA: Senator Cosgrove?
4 (WHEREUPON, there was no verbal response.)
5 MR. INGLIMA: Senator Mason?
6 SENATOR MASON: Aye.
7 MR. INGLIMA: Delegate Jenkins?
8 DELEGATE JENKINS: Yes.
9 MR. INGLIMA: Delegate Lindsey?
10 DELEGATE LINDSEY: Yes.
11 MR. INGLIMA: Delegate Mullin?
12 DELEGATE MULLIN: Aye.
13 MR. INGLIMA: Mr. Mihaly, the
14 results?
15 MR. MIHALY: The motion is
16 approved.
17 CHAIR JOHNSON: Thank you very
18 much. We'll move on to item D. Mr. Page?
19 MR. PAGE: Yes. Thank you, Chair
20 Johnson and members of the commission. Agenda
21 item 6D, there's a slide that Mr. Miller will
22 provide and run through with us. 6D as in dog of
23 your agenda is located on page eighty-four of
24 362, and Mr. Miller, if you could pick your
25 presentation up and note the page number that
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 60
1 your presentation is that includes the 6D
2 information, thank you.
3 MR. DAVID MILLER: Certainly. I'm
4 on PDF page fifty-two. There are three slides
5 with respect to agenda item 6D. This is your
6 six-year improvement plan. Page fifty-two shows
7 the costs and expenses at the top of the table
8 and the funding sources down at the bottom, so
9 you see your operating costs in each of the
10 projects that remain under construction including
11 HRBT is the big one, and then the funding sources
12 down at the bottom. This is consistent with the
13 overall debt management plan and funding plan
14 that you've seen previously. There's two
15 additional slides, one with the original HRTF tax
16 revenue projection and one with the stress test.
17 That's PDF pages fifty-three and fifty-four.
18 They look very similar, but fifty-four has the
19 stress test revenues included. And this just
20 provides a cash flow for the HRTF and other
21 revenues and applies that cash flow to pay debt
22 service and other costs of the projects. If
23 there's no questions, I don't have any other
24 comment on these pages.
25 CHAIR JOHNSON: Thank you. Does
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 61
1 anyone have questions on item D?
2 DELEGATE MULLIN: This is Delegate
3 Mullin.
4 CHAIR JOHNSON: Yes, sir.
5 DELEGATE MULLIN: There seems to
6 be large fluctuations in the HRTF and toll
7 revenue debt service amounts. That's on PDF page
8 fifty-four. Is there a reason for that?
9 CHAIR JOHNSON: Mr. Page?
10 MR. DAVID MILLER: In 2022, this
11 is Dave Miller, you sold BANs in 2019 and most of
12 that BAN principal and interest is paid by a
13 single draw on the 2019 TIFIA loan, but there is
14 some interest on that BAN that will be paid out
15 of the HRTF in 2022, and that's why 2022 kind of
16 jumps up, and then it goes back down. Then from
17 2023 out through 2026, that's just the debt
18 service coming online from both your 2019 TIFIA
19 loan as well as when we issue additional HRTF
20 revenue bonds to fund HRBT.
21 DELEGATE MULLIN: Thank you very
22 much.
23 CHAIR JOHNSON: Are there any
24 other questions?
25 (WHEREUPON, there was no verbal response.)
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 62
1 CHAIR JOHNSON: If not, do we have
2 a motion for item D?
3 MR. INGLIMA: Madam Chair...
4 (WHEREUPON, someone spoke inaudibly.)
5 MR. INGLIMA: Madam Chair, the
6 motion for item 6D is as follows. In the absence
7 of updated revenue projections from the
8 Commonwealth, the Commission, one, endorses the
9 continuation of the HRTAC current approved fiscal
10 year 2020 to fiscal year 2026 plan of finance for
11 HRTAC's approved projects including the I-64
12 Hampton Roads Bridge-Tunnel Expansion Project
13 with stress test adjustments based on a COVID-19
14 potential impact review, and two, approve the
15 application of the stress test adjustments based
16 on the COVID-19 potential impact review.
17 CHAIR JOHNSON: Thank you. Do I
18 have a motion?
19 MAYOR WEST: Rick West, motion...
20 MR. GREEN: So move, Buddy Green.
21 CHAIR JOHNSON: Do I have a
22 second?
23 (WHEREUPON, there was no verbal response.)
24 CHAIR JOHNSON: We have a motion.
25 If I...
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 63
1 MR. HIPPLE: Hipple, second.
2 CHAIR JOHNSON: Okay, we have a
3 second by Mr. Hipple. Roll call, please.
4 MR. INGLIMA: Mr. West?
5 MAYOR WEST: Yes.
6 MR. INGLIMA: Mr. Rabil?
7 MAYOR RABIL: Yes.
8 MR. INGLIMA: Mr. Tuck? Mr. Tuck?
9 (WHEREUPON, there was no verbal response.)
10 MR. INGLIMA: Mr. McCarty?
11 MR. MCCARTY: Aye.
12 MR. INGLIMA: Mr. Hipple?
13 MR. HIPPLE: Aye.
14 MR. INGLIMA: Mr. Jenkins?
15 MR. JENKINS: Yes.
16 MR. INGLIMA: Mr. Alexander?
17 MAYOR ALEXANDER: Yes.
18 MR. INGLIMA: Mr. Green?
19 MR. GREEN: Aye.
20 MR. INGLIMA: Mr. Rowe?
21 MAYOR ROWE: Aye.
22 MR. INGLIMA: Mr. Cornwell?
23 MR. CORNWELL, SR.: Yes.
24 MR. INGLIMA: Mayor Johnson?
25 CHAIR JOHNSON: Yes.
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 64
1 MR. INGLIMA: Mr. Dyer?
2 MAYOR DYER: Yes.
3 MR. INGLIMA: Mr. Freiling?
4 (WHEREUPON, there was no verbal response.)
5 MR. INGLIMA: Mr. Shepperd?
6 MR. SHEPPERD: Yes.
7 MR. INGLIMA: Senator Cosgrove?
8 (WHEREUPON, there was no verbal response.)
9 MR. INGLIMA: Senator Mason?
10 SENATOR MASON: Aye.
11 MR. INGLIMA: Delegate Jenkins?
12 DELEGATE JENKINS: Yes.
13 MR. INGLIMA: Delegate Lindsey?
14 JOSEPH LINDSEY: Yes.
15 MR. INGLIMA: Delegate Mullin?
16 DELEGATE MULLIN: Yes.
17 MR. INGLIMA: Mr. Mihaly, the
18 results?
19 MR. MIHALY: The motion is
20 approved.
21 CHAIR JOHNSON: Thank you. We'll
22 now move to item 6E, which is the majority of the
23 packet, and this would be the bond resolution,
24 and I'll turn it over to Mr. Page.
25 MR. PAGE: Yes, thank you, Chair
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 65
1 Johnson. Moving forward with the agenda package,
2 on page eight-six of 362 and behind that is a
3 volume of information that's provided by bond
4 counsel and staff to show full transparency and
5 of course in all of the documents that the
6 Commission will be engaging. As we discussed
7 earlier in the presentation in item 6B, as we
8 move forward with the debt management plan that
9 the Commission has just taken action to
10 acknowledge the COVID-19 stress test review in 6C
11 and also in 6D, is that in parallel with that and
12 moving forward with the implementation of those
13 two plans, the Commission through the Finance
14 Committee through its recommendation is now today
15 looking at and taking into consideration agenda
16 item 2020-01, which would be the Commission's
17 authorization to issue Hampton Roads
18 Transportation Fund Revenue Bonds at a total
19 principal amount not to exceed $800 million. To
20 reimburse the Commission for and also provide
21 fundings for the HRBT project. We have on the
22 phone with us today joining us in the meeting
23 Megan Gilliland and also Eric Ballou. I
24 understand Mr. Ballou was detained, delayed in
25 another meeting, so maybe he's joined us by now.
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 66
1 But Ms. Gilliland, I'll turn the floor over to
2 you to walk through the, this agenda action item,
3 and also Counselor Inglima will be addressing,
4 Chair Johnson, the resolution when the time comes
5 for the vote.
6 MS. GILLILAND: Thank you. Thank
7 you, Executive Director Page. Good morning. The
8 resolution 2020-01 is presented as agenda item
9 6E. It starts on page eighty-eight of the PDF.
10 It's a resolution authorizing issuance of up to
11 $800 million, an aggregate principal amount of
12 Hampton Roads Transportation Fund Revenue Bonds.
13 The several preambles on the first page of the
14 resolution recite the prior bond issuances by
15 HRTAC. These prior issues have been issued under
16 and secured by a Master Indenture of trust. This
17 resolution authorizes the issuance of additional
18 bonds that will be payable with and secured
19 through the Hampton Roads Transportation Fund.
20 Such bond proceeds to be spent as Executive
21 Director Page mentioned on a portion of the costs
22 for the HRBT project.
23 Moving to page eighty-nine of the
24 PDF, the second page of the resolution preamble,
25 present the documents that follow the resolution
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 67
1 and the agenda package, and these are the
2 documents pursuant to which the financing will be
3 effectuated. These documents include a fourth
4 supplemental series indenture of a trust to this
5 Master Indenture. This is provided on page 189
6 of the PDF. A bond purchase agreement between
7 the Commission and the underwriters to be later
8 selected on page 218 of the PDF, a preliminary
9 official statement which focuses various
10 information to perspective investors, follows on
11 page ninety-four of the PDF. And last but not
12 least, a continuing disclosure undertaking of the
13 Commission, which is required under SEC Rules to
14 provide certain disclosure to the market follows
15 on page 180 of the PDF.
16 The numbered paragraphs set forth
17 the various approvals of the Commission for the
18 financing. I will note paragraph two
19 specifically, which authorizes the executive
20 director along with HRTAC advisors to determine
21 the terms and structures of the bonds, including
22 the termination at a later time as to whether the
23 bond should be issued as either a senior or
24 intermediate lien status. Paragraph two sets
25 forth the parameters, (i) that the bonds have
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 68
1 been issued under the Master Indenture; (ii) and
2 (iii) are the conditions that were previously
3 mentioned by General Counsel Inglima in his
4 presentation on the MTA, (ii) being the issuance
5 and delivery from VDOT of the Notice to Proceed
6 and through the live execution and delivery of a
7 Master Tolling Agreement. And with those two
8 points, I'll just stop to see if Counselor
9 Inglima has anything additional he wanted to add
10 on those conditions.
11 MR. INGLIMA: I do not.
12 MS. GILLILAND: Okay. I will keep
13 going. (iv) the aggregate principal amount of
14 bonds that will be issued under this resolution,
15 not to exceed $800 million. I will note that the
16 resolution is structured in order for HRTAC to
17 determine at a later time whether to issue those
18 bonds in one series or multiple series, and
19 executive director will work with PFM as
20 financial advisor to make that determination
21 given to market conditions. (v) provides that
22 the final maturity date of any bonds issued under
23 this resolution not later than 40 years under
24 date of issue. (vi) the true interest cost of
25 any series of bonds issued will not exceed 5%,
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 69
1 and (vii) the sale price of any series of bonds,
2 excluding original issue discount, shall not be
3 less than 95%.
4 The remaining paragraph, numbered
5 paragraphs of the resolution authorize the,
6 finalizing the documents presented in the agenda
7 package in coordination with the sale of the
8 bonds, and the chair or vice chair and executive
9 director are authorized in the resolution to sign
10 these documents on behalf of the Commission. And
11 with that, I would be happy to answer any
12 questions on the resolution or the related
13 document.
14 CHAIR JOHNSON: Thank you very
15 much. Do we have any questions from any
16 commissioners?
17 (WHEREUPON, there was no verbal response.)
18 CHAIR JOHNSON: If not, do we have
19 any comments, Executive Director?
20 MR. PAGE: Madam Chair, I think
21 we're ready for Counselor Inglima.
22 CHAIR JOHNSON: Okay. Counselor
23 Inglima?
24 MR. INGLIMA: Madam Chair, the
25 motion is as follows. Commission approves
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 70
1 resolution 2020-01 which authorizes the issuance
2 of HRTF revenue bonds for up to $800 million.
3 CHAIR JOHNSON: Do we have a
4 motion?
5 MAYOR ROWE: So moved, John Rowe.
6 CHAIR JOHNSON: Do we have a
7 second?
8 MR. GREEN: Second, Buddy Green.
9 CHAIR JOHNSON: We have a motion
10 and a second. Would you please call the roll?
11 MR. INGLIMA: Mr. West?
12 MAYOR WEST: Yes.
13 MR. INGLIMA: Mr. Rabil?
14 MAYOR RABIL: Yes.
15 MR. INGLIMA: Mr. Tuck?
16 (WHEREUPON, there was no verbal response.)
17 MR. INGLIMA: Mr. McCarty?
18 MR. MCCARTY: Aye.
19 MR. INGLIMA: Mr. Hipple?
20 MR. HIPPLE: Aye.
21 MR. INGLIMA: Mr. Jenkins?
22 MR. JENKINS: Yes.
23 MR. INGLIMA: Mr. Alexander?
24 MAYOR ALEXANDER: Yes.
25 MR. INGLIMA: Mr. Green?
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 71
1 MR. GREEN: Aye.
2 MR. INGLIMA: Mr. Rowe?
3 MAYOR ROWE: Aye.
4 MR. INGLIMA: Mr. Cornwell?
5 MR. CORNWELL, SR.: Yes.
6 MR. INGLIMA: Chair Johnson?
7 CHAIR JOHNSON: Yes.
8 MR. INGLIMA: Mr. Dyer?
9 MAYOR DYER: Yes.
10 MR. INGLIMA: Mr. Freiling?
11 (WHEREUPON, there was no verbal response.)
12 MR. INGLIMA: Mr. Shepperd?
13 MR. SHEPPERD: Yes.
14 MR. INGLIMA: Senator Cosgrove?
15 (WHEREUPON, there was no verbal response.)
16 MR. INGLIMA: Senator Mason?
17 SENATOR MASON: Aye.
18 MR. INGLIMA: Delegate Jenkins?
19 DELEGATE JENKINS: Yes.
20 MR. INGLIMA: Delegate Lindsey?
21 DELEGATE LINDSEY: Yes.
22 MR. INGLIMA: Delegate Mullin?
23 DELEGATE MULLIN: Aye.
24 MAYOR TUCK: Mayor, Tuck was aye.
25 MR. INGLIMA: Mr. Mihaly, the
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 72
1 results?
2 MR. MIHALY: The motion is
3 approved, and I've noted that Mr. Tuck has voted
4 in the affirmative.
5 CHAIR JOHNSON: Thank you very
6 much. That brings us down to item 6F, the
7 Express Lanes Network future proposed six-year
8 project. We would be approving and authorizing a
9 public hearing. Mr. Page?
10 MR. PAGE: Yes, thank you, Chair
11 Johnson. Moving forward to page number 246 of
12 your PDF document, you will find action item on
13 your agenda 6F. Moving forward, as Mr. Miller
14 will pick up and run through a few slides of the
15 presentation for you, is that we're going to be
16 asking the Commission to move forward with the
17 proposed debt management plan update that will
18 add to Hampton Roads Express Lanes Network
19 projects that have not already been funded
20 through our existing six-year program. And
21 through that, the debt management plan, we'll
22 lead into the 2021 through fiscal year 2026 plan
23 of finance update, and also lead us out into the
24 HRTAC proposed 2045 long range plan update. As
25 you-all know, we do carry our plans all the way
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 73
1 out to 2045 now as a Commission. So, Mr. Miller,
2 I'm going to turn the floor over to you. As the
3 commissioners hear the presentation, please be
4 advised that Financial Committee Chair Hipple is
5 on the line with us, and on May 14th, the Finance
6 Committee was fully engaged in the discussion in
7 moving forward with this effort and also
8 recommended out and authorized Chair Hipple to
9 communicate their approval in moving forward a
10 recommendation to endorse for the public hearing.
11 Mr. Miller, I'll turn the floor over to you.
12 MR. DAVID MILLER: Thank you. I'm
13 on, so I'm going back before all the bond
14 documents and I'm on PDF page fifty-eight, which
15 starts the information related to agenda item 6F,
16 and you'll see some graphics starting on page
17 fifty-nine that are very similar to graphics
18 we've shown previously, but as Kevin said, we
19 begin to layer in the costs and the financing and
20 funding for the Hampton Roads Express Lanes, and
21 later on actually the Bower's Hill interchange
22 and the Fort Eustis interchange. So all of the
23 debt that's on the righthand under the six
24 initial projects and HRBT is the same as what you
25 saw previously, and so what's added on here
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 74
1 primarily is additional HRTF bonds and additional
2 TIFIA loans and additional toll revenue TIFIA
3 loans, all to help support funding of the Hampton
4 Roads Express Lanes.
5 The next graphic, page sixty,
6 again a similar graphic than you've seen before
7 with the revenue adjusted for our minimum
8 coverage ratio over debt service, but there's
9 more debt service obviously because we've issued
10 additional bonds and TIFIA loans backed by the
11 HRTF to support the express lanes. So it's a
12 little bit tighter plan of finance that is using
13 the stress test revenues. We are still being
14 conservative with interest rates, a hundred to
15 two hundred basis points above current market
16 levels, and we do maintain a minimum HRTF cash
17 balance of $100 million. So it is a plan that
18 meets our requirements and still has some
19 conservatives built into it, but it's obviously a
20 tighter plan than if we don't have the express
21 lane.
22 Page sixty-one again repeats a
23 similar graphic but again with the additional
24 debt for the express lane layered in, and you see
25 our coverage ratios drop down to about one-and-a-
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 75
1 half times, and then creep up and never really
2 until the end get back up to the levels that we
3 saw on the previous slides. One thing that gives
4 me some comfort, even though our coverage ratios
5 are a little bit lower when we added the express
6 lane, is that he construction on the segments
7 isn't scheduled to begin until spring of 2022 and
8 spring of 2023. We're not issuing debt until
9 2022 and 2023, so we have time to see what the
10 economy is going to do. And if things are worse,
11 then our stress test or interest rates are higher
12 than what we put in this plan, we're going to
13 know that before, you know, construction and debt
14 issuance moves forward for these. So we think
15 it's a reasonable plan. It looks feasible to us.
16 We see no reason not to include the express lanes
17 in the six-year plan. But certainly before we
18 ask you to issue any debt for these projects,
19 we're going to have a lot more time to see how
20 the economy performs. I'll, should I pause
21 there, Kevin?
22 MR. PAGE: Sure. Thank you, Mr.
23 Miller, and I appreciate the very high-level
24 overview on an enormous amount of detailed
25 information on the back side of this PowerPoint
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 76
1 presentation moving forward. And as I mentioned
2 earlier, the Finance Committee was fully briefed
3 on those at their May 14th meeting. Chair
4 Johnson, if you don't mind, I'd like to see if
5 Chair Hipple of the Finance Committee has any
6 comments he would like to make. Again, what this
7 action item does is lays out the footprint as to
8 how we will move forward as a commission with
9 coming into the next annual organizational
10 meeting with the review and consideration of a
11 debt management plan update, a new six-year
12 program updated to include the Hampton Roads
13 Express Lanes Network, and then also show the
14 impacts to the 2045 long-range transportation
15 plan for us and how we'll finance that. So, Mr.
16 Hipple, did you have any questions? Back to you,
17 Chair Johnson, otherwise he might have a few
18 comments, as well.
19 CHAIR JOHNSON: Chair Hipple?
20 MR. HIPPLE: Yeah, I've got a few.
21 You know the Finance Committee definitely
22 endorses this plan, and there's a lot in this
23 that, as you dig deeper you see, but I just want
24 to say, Dave, you and your team have done a
25 wonderful job. Thank you very much for your
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 77
1 support and your effort in this. This is, I
2 think, the only, the second stress test in the
3 United States that's been done like this to check
4 to see where we are, what we have, what we're
5 going to have, what we may have, what we may not
6 have. So it gives a clear direction for our
7 members and it opens their eyes up on the things
8 that we may not know are coming. We try to look
9 at all that. Dave and his team looked at
10 everything they could possibly look at at this
11 point, to make sure that we're in a positive
12 position in order to move forward with our
13 projects, the ones we have on the books and the
14 ones that we're going to put on the books in
15 order to make sure that we can financially
16 sustain these projects. So that's a lot of
17 forward thinking, and a lot of that was put in
18 place years ago, as all you members that are on
19 this board know. And Kevin, I want to thank you
20 for your leadership, as well, years ago putting
21 things in place and working with VDOT, and
22 they've been very good to work with, working with
23 VDOT to make sure that we're financially in a
24 position of positivity in order to make sure that
25 we get these projects done. And I think it says
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 78
1 a lot to the citizens out there that we're all
2 working together to make sure we can fund these
3 projects, make sure the projects get done, and
4 make sure that everything is in place long before
5 we need some of these revenues coming in. So
6 thank you, team, and thank you for all your hard
7 work, and the Finance Committee definitely
8 endorses this. Thank you, Mayor Chair.
9 CHAIR JOHNSON: And if I might add
10 to that, I just want to thank Chair Hipple and
11 the Finance Committee. I know you-all have
12 worked diligently. I cannot say enough for
13 Executive Director Page. I know there have been
14 many, many late nights, and Commissioner Brich,
15 we thank you and all at VDOT that have also been
16 extremely helpful in getting this done. None of
17 what we have passed today has been done without a
18 lot of late, late nights and a lot of work to
19 make sure that this is all a very, very good
20 solid plan. So I'd just like to thank everyone
21 involved. I believe with that, we have a motion.
22 MR. INGLIMA: Madam Chair, the
23 Commission, the motion reads as follows. The
24 Commission, one, endorses the (a) HRTAC proposed
25 debt management plan to include Hampton Roads
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 79
1 Express Lanes Network, COVID-19 potential impact
2 review; (b) HRTAC proposed fiscal year 2021,
3 fiscal year 2026 plan of finance update, COVID-19
4 potential impact review; and (c) HRTAC proposed
5 2045 long range plan of finance update, COVID-19
6 potential impact review. And two, authorize that
7 the Finance Committee chair or executive director
8 conduct a public hearing for each.
9 CHAIR JOHNSON: Thank you,
10 Counselor. Do I have a motion?
11 MAYOR TUCK: Mayor Tuck. I so
12 move.
13 CHAIR JOHNSON: Do we have a
14 second?
15 MR. GREEN: Buddy Green, second.
16 CHAIR JOHNSON: We have a motion
17 and second. Could you please call the roll?
18 MR. INGLIMA: Mr. West?
19 MAYOR WEST: Yes.
20 MR. INGLIMA: Mr. Rabil?
21 MAYOR RABIL: Yes.
22 MR. INGLIMA: Mr. Tuck?
23 MAYOR TUCK: Aye.
24 MR. INGLIMA: Mr. McCarty?
25 MR. MCCARTY: Aye.
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 80
1 MR. INGLIMA: Mr. Hipple?
2 MR. HIPPLE: Aye.
3 MR. INGLIMA: Mr. Jenkins?
4 MR. JENKINS: Yes.
5 MR. INGLIMA: Mr. Alexander?
6 MAYOR ALEXANDER: Aye.
7 MR. INGLIMA: Mr. Green?
8 MR. GREEN: Aye.
9 MR. INGLIMA: Mr. Rowe?
10 MAYOR ROWE: Aye.
11 MR. INGLIMA: Mr. Cornwell?
12 MR. CORNWELL, SR.: Yes.
13 MR. INGLIMA: Mayor Johnson?
14 CHAIR JOHNSON: Yes.
15 MR. INGLIMA: Mr. Dyer?
16 MAYOR DYER: Yes.
17 MR. INGLIMA: Mr. Freiling?
18 (WHEREUPON, there was no verbal response.)
19 MR. INGLIMA: Mr. Shepperd?
20 MR. SHEPPERD: Yes.
21 MR. INGLIMA: Senator Cosgrove?
22 (WHEREUPON, there was no verbal response.)
23 MR. INGLIMA: Senator Mason?
24 SENATOR MASON: Aye.
25 MR. INGLIMA: Delegate Jenkins?
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 81
1 DELEGATE JENKINS: Yes.
2 MR. INGLIMA: Delegate Lindsey?
3 (WHEREUPON, there was no verbal response.)
4 MR. INGLIMA: Delegate Mullin?
5 DELEGATE MULLIN: Aye.
6 MR. INGLIMA: Mr. Mihaly, will you
7 read the results?
8 MR. MIHALY: The motion is
9 approved.
10 CHAIR JOHNSON: Thank you so much.
11 I believe that concludes our action items. Is
12 that correct, Mr. Page?
13 MR. PAGE: Yes, Chair Johnson.
14 That concludes your action items, and for the
15 pleasure of the Commission, Mayor Johnson, we
16 have also provided the information items which is
17 the HRTAC monthly financial report, the HRTAC
18 market and profile update, which is a quarterly
19 report provided by our investment advisors, as
20 well as VDOT's project updates. And just a
21 reminder, Chair Johnson, for your announcement,
22 item D, which is the HRTAC annual organizational
23 meeting that will occur on June the 18th at 12:30
24 p.m.
25 CHAIR JOHNSON: All right, and
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 82
1 that will be a regular meeting or virtual? Do we
2 know?
3 MR. PAGE: We don't know at this
4 time, ma'am, but I would probably feel, unless
5 Counselor Inglima tells me otherwise, that we
6 should prepare for it to be virtual, and if
7 things change, we will certainly let the
8 commissioners know well in advance of that.
9 CHAIR JOHNSON: All right, thank
10 you. All right, seeing no other business before
11 us, unless, does Chair Hipple have anything to
12 add for our monthly financial report?
13 MR. HIPPLE: No, thank you. We're
14 good.
15 CHAIR JOHNSON: All right.
16 Administrator Hall, did you have anything to add?
17 MR. HALL: I do not, Chairwoman.
18 CHAIR JOHNSON: Thank you. Well,
19 with that being said, we'll stand adjourned.
20 Thank you so much. I apologize for the technical
21 difficulties, but we are now done. Thank you.
22 (WHEREUPON, the meeting was concluded at 11:38
23 a.m.)
24
25
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 83
1 CAPTION
2
3 The foregoing matter was taken on the date, and at
4 the time and place set out on the title page hereof.
5
6 It was requested that the matter be taken by the
7 reporter and that the same be reduced to typewritten
8 form.
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CERTIFICATE OF REPORTER AND SECURE ENCRYPTED
I, , Notary Public, do hereby
certify that the foregoing matter was reported by
stenographic and/or mechanical means, that same was
reduced to written form, that the transcript prepared
by me or under my direction, is a true and accurate
This transcript and certificate have been digitally
or otherwise interest in the action filed or its outcome.
record of same to the best of my knowledge and ability;
or counsel employed by the parties hereto, nor financial
that there is no relation nor employment by any attorney
SIGNATURE AND DELIVERY OF CERTIFIED TRANSCRIPT
signed and securely delivered through our encryption
server.
IN WITNESS HEREOF, I have here unto set my hand
this
Court Reporter / Notary
Notary Registration Number:
My Commission Expires: /3 /202
ST day of JUNE
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 85
$
$100 54:2
74:17
$11 48:7
$575 52:22
$7,270,701
14:18
$800 27:19
65:19 66:1168:15 70:2
0
09 49:6
1
1.35x 54:20
10 49:6
10.7% 50:7
10:00 4:5
10:30 29:10
31:21
10:35 29:10
31:22
10:36 32:17
11:38 82:22
12 11:9
12:30 81:23
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41:6
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45:23 73:576:3
180 67:15
189 67:5
18th 81:23
2
2.2-3707 5:3
2.2-3707.1
5:3
2007 49:16
2008 49:6
2012 49:16
2018 52:4
2019 4:18
11:9 48:248:7 52:561:11 61:1361:18
2020 4:4
4:17 50:250:6 62:10
2020-01
65:16 66:870:1
2021 15:20
15:23 48:1472:22 79:2
2022 50:6
61:10 61:1561:15 75:775:9
2023 61:17
75:8 75:9
2026 51:4
61:17 62:1072:22 79:3
2045 72:24
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218 67:8
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28 4:4
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4
40 68:23
5
5% 68:25
6
6% 51:11
6B 22:1 65:7
6C 51:14
51:18 55:555:11 55:1655:25 57:265:10
6D 59:21
59:22 60:160:5 62:665:11
6E 53:6
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6F 72:6
72:13 73:15
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95% 69:3
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62:6
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15:17
accept 44:6
acceptable
22:6
accordance
5:2
ACCOUNTABILI
TY 4:1
acknowledge
65:10
across 50:23
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 86
Act 4:18
acted 14:19
action 14:1
14:8 14:918:22 27:145:12 45:2555:12 56:2165:9 66:272:12 76:781:11 81:14
actions
11:11
actual 23:2
actually
10:16 12:722:22 25:1273:21
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68:9 72:1878:9 82:1282:16
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73:25 75:5
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10:23 26:25
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20:20 50:851:17 52:860:15 61:1966:17 68:974:1 74:174:2 74:1074:23
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66:3
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82:19
adjust 48:12
52:20
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48:7 53:2074:7
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57:16
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56:8 57:1362:13 62:15
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on 11:13
38:6
administrati
ve 15:20
15:24
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r 82:16
adoption
20:3
advance 82:8
advancing
56:15
advisable
22:25
advise 7:9
advised 73:4
advisor
68:20
advisors
45:21 56:767:20 81:19
affect 37:25
affirm 5:7
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72:4
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agencies
48:24 50:20
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51:5 51:10
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18:14 18:2328:3 51:1451:18 52:1653:5 55:455:6 55:1655:25 59:2059:23 60:565:1 65:1566:2 66:867:1 69:672:13 73:15
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66:11 68:13
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47:1 77:1877:20
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11:13 18:1018:16 19:319:4 19:919:21 22:422:7 22:822:10 27:2432:10 35:1337:1 39:240:19 44:19
67:6 68:7
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54:15
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4:17
amount 51:24
52:20 53:1365:19 66:1168:13 75:24
amounts 61:7
analysis
20:13 26:9
and/or 24:1
announce 8:4
10:6
announcement
81:21
annual 76:9
81:22
answer 36:20
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 87
37:15 46:1147:7 69:11
anticipated
19:13 45:1653:24
anticipation
52:4
anyone 61:1
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12:6 55:668:9 82:1182:16
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17:10
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25:17 32:1935:8 82:20
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47:4 47:25
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57:15 62:15
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43:5 43:6
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n 4:18
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11:18 18:1743:11 57:1562:14
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69:25
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48:8
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48:4
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37:21
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53:25
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n 65:17
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15:21 69:579:6
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HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 88
80:8 80:1080:24 81:5
B
backed 74:10
background
50:11
balance 54:2
74:17
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65:24
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49:13
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54:20 57:1457:16 62:1362:15
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77:14
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60:8 60:12
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25:9 27:5
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25:11 27:673:21
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26:11 46:1856:19 57:1262:12
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14:16 31:21
briefed 76:2
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45:24
brings 72:6
brought
39:22
Buddy 29:17
57:22 62:2070:8 79:15
budget 14:9
14:11 14:1714:18 15:2115:24
build 43:20
43:20
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19:9
built 74:19
bullets
48:11
bumps 54:11
business
4:19 82:10
C
capable
41:25
capacity
50:20
car 31:17
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 89
careful
52:14
carry 72:25
case 9:3
9:12 9:1638:14 49:749:7 50:1
cash 54:2
60:20 60:2174:16
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38:18 67:14
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26:1 38:1939:2 40:740:23 41:642:17 47:551:3 60:375:17 82:7
chair 4:6
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15:12 15:1716:2 16:517:3 18:818:12 23:623:9 23:1123:16 24:1124:15 24:2125:23 26:126:4 27:127:8 27:1127:14 27:1528:1 28:828:9 28:1128:16 28:1828:20 29:129:8 29:1330:13 30:1430:24 31:1532:3 32:1332:16 32:2433:4 34:1035:7 39:639:7 40:440:22 42:242:9 42:1242:17 44:1244:13 44:1444:23 45:145:9 45:2451:19 56:256:20 56:2557:4 57:657:18 57:2157:23 58:2159:17 59:1960:25 61:461:9 61:2362:1 62:362:5 62:1762:21 62:24
63:2 63:2564:21 64:2566:4 69:869:8 69:1469:18 69:2069:22 69:2470:3 70:670:9 71:671:7 72:572:10 73:473:8 76:376:5 76:1776:19 76:1978:8 78:978:10 78:2279:7 79:979:13 79:1680:14 81:1081:13 81:2181:25 82:982:11 82:1582:18
Chairwoman
42:5 42:1582:17
change 37:24
43:7 43:843:9 43:1243:15 82:7
changes 36:6
36:9 39:444:3
check 77:3
Cheryl 31:23
chosen 22:11
Chris 25:25
citizens
78:1
city 35:24
clear 41:5
77:6
clearer
32:18
Clinton
10:19
closure
40:24
Code 5:3
cognizant
38:24
collect 41:8
combined
28:4
comes 28:6
40:1 66:4
comfort
46:12 54:456:4 75:4
coming 33:20
44:9 61:1876:9 77:878:5
commence
23:1
comment
10:10 40:2560:24
comments
15:4 24:1227:9 44:1644:20 45:2569:19 76:6
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 90
76:18
commission
4:2 4:154:21 4:2510:23 15:1918:14 18:2132:19 33:540:10 40:1043:8 43:1845:12 46:546:13 46:1452:10 56:256:4 56:1357:9 59:2062:8 65:665:9 65:1365:20 67:767:13 67:1769:10 69:2572:16 73:176:8 78:2378:24 81:15
commissioner
7:2 7:325:24 26:635:11 36:2437:2 40:540:8 40:2242:10 78:14
commissioner
s 24:12
46:10 46:1257:1 69:1673:3 82:8
commissioner
's 14:21
Commissioner
s 19:2 23:8
Commission's
65:16
committee
4:3 14:314:5 14:2017:12 17:1517:18 21:228:18 35:1836:22 38:938:20 39:2141:13 42:2143:10 44:2545:22 45:2345:24 47:147:16 56:565:14 73:473:6 76:276:5 76:2178:7 78:1179:7
committee's
56:6
Commonwealth
38:7 57:962:8
communicate
73:9
compensation
21:21
complete
22:21
completed
19:15 24:852:2 52:6
comply 20:25
composed
21:3
comprised
44:1
computer
31:18
concept
43:17
concern
36:10 37:1939:24
concerned
25:15 35:1639:16
concerns
23:7 37:241:11
conclude
55:11
concluded
82:22
concludes
23:4 81:1181:14
conditions
27:21 68:268:10 68:21
conduct
15:22 79:8
conference
28:24
confirm 5:6
30:21
confirmation
23:2
confused
47:9
confusion
41:2
connection
35:9
consensus
36:2 36:8
consent 11:5
11:8 11:1844:2 52:16
conservative
74:14
conservative
s 74:19
consider
18:21
considerable
36:7
consideratio
n 45:7
65:15 76:10
consistent
60:12
constructed
43:10
construction
56:16 60:1075:6 75:13
continuation
57:10 62:9
continue
4:20 19:720:22 28:1337:19 39:341:8 41:1841:19 45:18
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46:22 51:2055:7 55:10
continuing
38:4 56:1567:12
control
36:18 39:2543:21 43:2443:25 44:6
conversation
s 28:15
conversion
38:15
coordination
69:7
core 19:15
Cornwell 6:5
6:6 9:8 9:912:25 13:116:25 17:130:11 30:1234:7 34:858:18 58:1963:22 63:2371:4 71:580:11 80:12
correct
11:19 24:2527:7 35:2140:21 41:1743:2 43:343:13 81:12
correcting
27:4
correctly
35:22
Cosgrove
6:15 9:2013:11 17:1731:1 34:1759:3 64:771:14 80:21
cost 68:24
costs 52:19
53:2 55:1760:7 60:960:22 66:2173:19
counsel 11:6
11:17 14:2129:3 46:565:4 68:3
counselor
4:8 18:2423:7 23:1627:18 33:345:5 46:555:12 56:2357:5 66:368:8 69:2169:22 79:1082:5
counting
50:25
couple 41:21
48:9
course 22:23
44:18 55:1365:5
court 31:23
31:24 32:442:3 42:742:8 42:11
covenant
54:19
covenants
20:25 36:5
cover 48:9
51:15
coverage
53:18 53:2054:19 54:2355:1 55:2474:8 74:2575:4
covered 51:2
55:20
COVID 46:17
56:7
COVID-19
4:14 57:1457:16 62:1362:16 65:1079:1 79:379:5
craft 44:21
creep 75:1
crossed 52:7
CTB 20:1
20:21 21:335:19 42:15
CTB's 22:22
current 54:1
57:10 62:974:15
D
date 22:10
27:23 37:9
37:22 38:1941:17 68:2268:24
Dave 61:11
76:24 77:9
David 5:9
46:3 46:846:21 46:2450:12 50:1551:21 54:854:9 54:1454:16 54:1755:9 55:1456:1 60:361:10 73:12
day 11:4
deal 41:13
debt 19:23
20:2 22:522:17 41:247:15 47:2151:25 53:2454:21 54:2357:10 60:1360:21 61:761:17 65:872:17 72:2173:23 74:874:9 74:2475:8 75:1375:18 76:1178:25
debts 55:18
December
11:8 19:25
decision
14:15 14:16
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 92
35:25
decisions
36:23 37:837:13 41:14
declaration
4:8
Declared
4:13
decline 50:2
50:5 50:7
declines
49:17 50:2451:7
deeper 76:23
definitely
76:21 78:7
delayed
65:24
Delegate
6:19 6:206:21 6:226:23 6:249:24 9:2510:1 10:210:3 10:410:18 10:2010:21 13:1513:17 13:1917:23 17:2518:1 18:218:3 24:1324:13 24:1624:25 25:525:14 25:1926:5 31:531:6 31:731:8 31:9
31:10 34:2134:22 34:2334:24 34:2535:1 59:759:8 59:959:10 59:1159:12 61:261:2 61:561:21 64:1164:12 64:1364:15 64:1671:18 71:1971:20 71:2171:22 71:2380:25 81:181:2 81:481:5
delegated
43:25
delivered
27:25
delivery
68:5 68:6
demonstrates
43:23
Department
56:10
derived
49:22
describe
53:9
described
54:22 55:19
design 19:4
19:9 19:1124:17
designation
5:9
detail 46:25
47:24
detailed
55:21 75:24
details
21:12 47:448:18
detained
65:24
determinatio
n 68:20
determine
38:11 67:2068:17
determining
20:14
developed
19:12
development
15:21 15:2419:5 24:17
different
20:7 55:19
difficult
28:12
difficulties
82:21
dig 76:23
diligently
78:12
dips 53:22
direction
77:6
director
10:11 14:1215:22 18:1128:7 40:846:15 66:766:21 67:2068:19 69:969:19 78:1379:7
disagreement
s 36:14
discharge
4:21
disclosure
67:12 67:14
discount
69:2
discuss 4:19
7:18 27:22
discussed
45:1 48:548:6 65:6
discussing
51:6
discussion
25:21 27:1239:15 40:640:17 41:1246:7 51:251:5 73:6
dispute 39:9
39:17 39:20
distinguish
21:6
District
10:19 10:20
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 93
10:21
document
22:21 69:1372:12
documents
65:5 66:2567:2 67:369:6 69:1073:14
dog 59:22
dollars 54:3
done 52:4
76:24 77:377:25 78:378:16 78:1782:21
dotted 49:21
49:25
draw 61:13
driven 36:5
driving
54:10
drop 74:25
due 4:13
during 20:7
32:9
duties 4:22
Dyer 6:9
9:12 13:417:4 17:517:8 30:1530:16 34:1134:12 58:2258:23 64:164:2 71:8
71:9 80:1580:16
E
earlier
20:11 20:1245:2 52:1654:22 65:776:2
earnest
41:18
east 25:8
echo 12:5
economic
48:19 49:151:3 54:554:24
economy
75:10 75:20
effectuated
67:3
efficiency
45:13
effort 46:20
73:7 77:1
efforts 23:1
eight-six
65:2
eighty-eight
66:9
eighty-four
59:23
eighty-nine
66:23
either 20:16
67:23
elaborate
41:10
elective
20:25 36:6
electronical
ly 4:16
4:24
elects 20:12
elements
19:16
Emergency
4:13
employed
43:23
endorse
73:10
endorsement
14:11
endorses
15:19 57:962:8 76:2278:8 78:24
engage 25:24
engaged 73:6
engagements
36:12
engaging
65:6
enhance
26:14
enormous
75:24
ensure 7:22
enter 18:17
22:6 22:7
entertain
29:9 57:5
entire 26:17
38:7 38:2351:11
environment
38:5
Eric 65:23
especially
45:17 46:17
essentially
36:8
established
5:2 21:1636:4
establishing
37:20
estimated
54:21
estimates
47:19 56:9
Eustis 73:22
evaluate
39:4
event 56:12
events 21:19
21:20 21:21
everybody's
42:20
everyone
7:22 11:111:3 11:4
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12:10 29:1131:15 32:1735:8 44:2478:20
everything
36:18 77:1078:4
exactly
49:12
example
39:11
exceed 65:19
68:15 68:25
excluding
69:2
excuse 5:12
33:17
executed
27:24
execution
68:6
executive
10:11 14:1215:22 18:1124:21 28:628:20 40:740:11 46:1566:7 66:2067:19 68:1969:8 69:1978:13 79:7
exist 38:12
existing
25:3 56:1672:20
expansion
18:20 20:1926:15 57:1362:12
expect 49:2
expectation
36:7 38:14
expenses
60:7
explain
23:14
express
11:10 19:526:8 26:1126:20 38:138:2 38:1538:23 72:772:18 73:2074:4 74:1174:20 74:2475:5 75:1676:13 79:1
extrapolated
49:24
extremely
78:16
eyes 77:7
F
facilitate
26:20
facilities
43:21
facility
43:20
fact 36:15
36:17
fair 36:25
fairly 22:13
37:10
fault 21:23
favor 29:6
feasible
54:25 75:15
February
47:15
federal 38:5
38:12 38:25
feedback
50:21 54:12
feel 54:24
82:4
feels 20:14
37:4
felt 45:14
45:20 56:10
fifteen 50:5
fifty-eight
73:14
fifty-four
60:17 60:1861:8
fifty-nine
73:17
fifty-one
55:15 55:23
fifty-three
60:17
fifty-two
60:4 60:6
fifty-year
39:2
final 52:24
68:22
finalize
18:17
finalized
23:4
finalizing
44:19 69:6
finance
14:20 15:445:21 45:2345:24 47:147:16 55:156:5 56:762:10 65:1372:23 73:574:12 76:276:5 76:1576:21 78:778:11 79:379:5 79:7
financial
20:13 22:1145:21 50:950:16 51:1754:19 68:2073:4 81:1782:12
financially
77:15 77:23
financing
19:10 19:2120:25 23:123:2 36:545:19 50:2056:17 67:2
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 95
67:18 73:19
fine 32:25
firm 37:10
first 7:21
10:15 19:1519:18 22:1843:11 52:553:25 66:13
fiscal 15:20
15:23 26:248:2 48:1451:4 62:962:10 72:2279:2 79:3
Fitch 48:24
49:18
fits 53:14
five 23:12
23:20 29:1129:16 38:17
flexibility
53:10 53:12
floor 14:22
18:23 46:846:22 56:2056:22 66:173:2 73:11
flow 60:20
60:21
fluctuations
61:6
flux 53:12
focuses 67:9
folks 28:13
follow-up
26:7
footprint
76:7
forecast
48:20 50:850:16
forecasts
49:1
formal 5:11
formally
22:24
Fort 73:22
forth 11:2
67:16 67:25
forty 38:16
45:11 46:247:22 49:954:17
forty-eight
53:15
forty-five
26:22 26:22
forty-four
50:5
forty-nine
54:7
forty-one
47:11 47:13
forty-seven
51:22
forty-three
48:21
forty-two
47:22
forward
10:22 14:718:22 27:1328:2 45:1546:1 56:756:11 56:1365:1 65:865:12 72:1172:13 72:1673:7 73:975:14 76:176:8 77:1277:17
fourteen
50:6
fourth 67:3
framework
19:3
frankly
41:19
free 38:5
Freiling
6:11 9:1513:7 17:1130:17 34:1358:24 64:371:10 80:17
fruition
40:20
fuel 48:13
fuels 48:3
49:3
full 11:1
46:1 65:4
fully 73:6
76:2
fund 19:22
45:18 51:2553:4 61:2065:18 66:1266:19 78:2
funded 53:3
72:19
funding
11:11 11:1322:3 22:1047:21 60:860:11 60:1373:20 74:3
fundings
65:21
funds 19:20
future 37:22
38:19 41:1441:17 72:7
G
general
10:17 29:338:3 38:468:3
getting 12:5
52:12 78:16
Gilliland
46:4 65:2366:1 66:668:12
given 44:4
68:21
gives 53:9
54:4 75:377:6
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 96
giving 26:19
54:12
goods 19:20
Governor's
4:13
grade 11:10
52:18
graphic
48:22 49:951:23 52:153:8 55:2274:5 74:674:23
graphics
73:16 73:17
gray 49:20
Great 49:6
green 5:10
6:1 9:316:21 29:1729:17 30:730:8 34:334:4 52:757:22 57:2258:14 58:1562:20 62:2063:18 63:1970:8 70:870:25 71:179:15 79:1580:7 80:8
grow 49:18
growth 50:3
guarded
21:20
guess 33:1
guidance
51:10
guys 32:11
H
half 75:1
Hall 25:25
82:16 82:17
Hampton 4:1
11:9 18:1919:5 19:719:22 24:1925:2 25:1625:22 26:826:10 39:1340:1 45:1846:18 56:1957:12 62:1265:17 66:1266:19 72:1873:20 74:376:12 78:25
handover
20:8 20:1021:13
hands-free
31:16
happen 37:22
49:2
happy 23:5
47:6 69:11
hard 28:14
78:6
having 10:23
28:14 32:936:11 41:13
56:12
headache
32:23
heading 25:7
hear 7:22
17:5 23:1830:21 31:2432:1 32:1235:13 42:1254:10 73:3
heard 14:19
35:16 35:2244:16
hearing
14:10 14:2415:22 17:936:13 72:973:10 79:8
held 4:16
hello 17:12
17:12 17:1317:15 17:1817:20
help 29:3
40:7 74:3
helpful 7:18
44:17 78:16
Herbert 5:10
he's 65:25
Hey 32:6
42:19
high 19:8
19:14 48:1
higher 75:11
high-level
55:4 75:23
highlights
22:2
high-quality
54:25
Highway 38:5
Hill 19:8
25:11 27:673:21
Hipple 5:20
5:21 8:108:10 8:228:23 11:2211:23 12:1712:18 14:515:4 15:516:3 16:316:15 16:1630:1 30:233:15 33:1633:22 45:2458:8 58:963:1 63:163:3 63:1263:13 70:1970:20 73:473:8 76:576:16 76:1976:20 78:1080:1 80:282:11 82:13
historical
48:16 49:19
hits 53:23
home 47:18
51:9
hope 22:20
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 97
32:21 42:2046:9 51:2
hopefully
32:17 32:2241:5 41:11
hoping 28:24
HOT 19:14
20:20 20:2227:2 38:16
hour 26:23
38:17
House 20:3
41:6 48:13
HOV 25:3
26:18 38:15
HRBL 24:17
HRBT 11:12
19:7 19:1620:11 22:1024:2 24:725:10 26:1527:6 51:152:8 52:1353:2 53:753:25 55:1760:11 61:2065:21 66:2273:24
HREL 26:3
HRTAC 15:19
15:23 19:1719:18 19:2019:25 20:120:4 20:920:12 20:1420:15 20:1520:17 20:23
20:23 21:521:10 22:422:9 22:1422:15 22:1622:19 35:2036:13 36:1436:19 37:1338:18 39:2257:10 62:966:15 67:2068:16 72:2478:24 79:279:4 81:1781:17 81:22
HRTAC's 22:3
22:11 57:1162:11
HRTF 48:25
49:13 52:953:6 54:260:15 60:2061:6 61:1561:19 70:274:1 74:1174:16
HRTF's 52:2
HRTPO 26:25
27:2
hundred
74:14 74:15
I
I-64 57:12
62:11
I'd 10:15
23:4 46:776:4 78:20
identified
26:13 27:3
ii 68:1 68:4
iii 68:2
I'll 10:10
11:6 12:214:11 14:2218:10 18:2330:24 33:537:3 45:746:22 48:948:11 51:1656:20 64:2466:1 68:873:11 75:20
I'm 4:7 12:5
17:9 24:1624:23 28:628:13 31:2434:12 35:1536:15 36:1636:19 39:1639:23 40:840:20 42:742:8 44:347:1 47:647:12 47:2551:21 60:373:2 73:1273:13 73:14
imminent
22:13
impact 37:8
41:15 47:2057:14 57:1662:14 62:1679:1 79:479:6
impacts
38:25 39:446:17 49:250:18 50:1951:3 76:14
imperfect
36:3
implementati
on 56:13
65:12
implication
38:22
important
50:19
impose 20:2
impracticabl
e 4:14
improvement
60:6
inaudibly
62:4
include 11:8
67:3 75:1676:12 78:25
included
39:12 60:19
includes
60:1
including
55:18 57:1260:10 62:1167:21
incorrect
40:8 40:20
increase
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 98
48:14
increased
22:12
incur 22:16
indenture
66:16 67:467:5 68:1
indicate
41:1
indicated
44:18
information
18:21 46:2548:22 54:1960:2 65:367:10 73:1575:25 81:16
informative
46:11
infrastructu
re 21:8
Inglima 4:8
4:11 5:145:16 5:185:20 5:225:24 6:16:3 6:5 6:76:9 6:116:13 6:156:17 6:196:21 6:236:25 7:27:4 7:6 7:87:12 7:167:21 8:138:16 8:188:20 8:22
8:24 9:19:3 9:6 9:89:10 9:129:15 9:189:20 9:229:24 10:110:3 10:511:7 11:1912:2 12:912:13 12:1512:17 12:1912:21 12:2312:25 13:213:4 13:713:9 13:1113:13 13:1513:17 13:1913:21 15:1115:14 15:1816:7 16:916:11 16:1316:15 16:1716:19 16:2116:23 16:2517:2 17:417:7 17:1117:14 17:1717:19 17:2317:25 18:218:4 18:2419:1 23:1623:17 23:2123:25 24:324:7 27:1829:5 29:1829:20 29:2229:24 30:130:3 30:530:7 30:930:11 30:13
30:15 30:1730:19 30:2230:25 31:331:5 31:731:9 31:1133:3 33:733:9 33:1133:13 33:1533:22 33:2434:1 34:334:5 34:734:9 34:1134:13 34:1534:17 34:1934:21 34:2334:25 35:235:6 37:1737:17 41:2044:12 44:1444:15 45:646:6 56:2357:6 57:2558:2 58:458:6 58:858:10 58:1258:14 58:1658:18 58:2058:22 58:2459:1 59:359:5 59:759:9 59:1159:13 62:362:5 63:463:6 63:863:10 63:1263:14 63:1663:18 63:2063:22 63:2464:1 64:364:5 64:7
64:9 64:1164:13 64:1564:17 66:368:3 68:968:11 69:2169:23 69:2470:11 70:1370:15 70:1770:19 70:2170:23 70:2571:2 71:471:6 71:871:10 71:1271:14 71:1671:18 71:2071:22 71:2578:22 79:1879:20 79:2279:24 80:180:3 80:580:7 80:980:11 80:1380:15 80:1780:19 80:2180:23 80:2581:2 81:481:6 82:5
initial
20:18 24:1743:15 73:24
instance
47:10
instructive
44:17
insurance
21:23
intended
44:5
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 99
intent 40:12
intents
47:14
interaction
38:2
interchange
27:6 73:2173:22
interest
5:11 11:337:5 47:352:12 52:2254:1 61:1261:14 68:2474:14 75:11
interfere
21:19
intermediate
67:24
interrupt
33:18 54:9
intersection
24:20 25:15
interstate
38:7 39:10
investment
11:10 52:1781:19
Investor
48:23
investors
48:24 67:10
involved
20:13 78:21
involves
45:11
involving
36:13
Isle 10:25
isn't 75:7
isolation
38:24
issuance
18:18 51:2553:6 53:1366:10 66:1768:4 70:175:14
issuances
66:14
issue 20:2
21:24 37:2339:9 40:2461:19 65:1768:17 68:2469:2 75:18
issued 22:12
22:17 23:366:15 67:2368:1 68:1468:22 68:2574:9
issues 21:11
22:2 36:1237:16 39:2041:18 41:2141:25 53:853:11 66:15
issuing 75:8
item 8:8
10:10 14:8
14:9 18:918:13 22:127:12 28:535:11 40:644:24 55:1155:16 55:2556:21 57:159:18 59:2160:5 61:162:2 62:664:22 65:765:16 66:266:8 72:672:12 73:1576:7 81:22
items 11:5
11:8 11:1814:1 28:341:21 45:245:12 46:146:6 51:1451:18 53:655:5 55:681:11 81:1481:16
iv 68:13
I've 17:8
72:3 76:20
J
Jefferson
19:6 24:1825:2 26:1727:5 39:1339:15
Jenkins 5:10
5:22 5:236:19 6:208:24 8:25
9:24 9:2510:19 12:1912:20 13:1513:16 16:1716:18 17:2317:24 30:330:4 31:531:6 33:2434:21 34:2234:24 58:1058:11 59:759:8 63:1463:15 64:1164:12 70:2170:22 71:1871:19 80:380:4 80:2581:1
job 76:25
Joe 10:21
John 23:9
57:20 70:5
Johnson 4:6
4:12 4:126:7 6:87:16 7:208:5 8:79:10 9:1110:9 10:1210:14 11:1611:20 11:2512:7 13:213:3 13:2514:15 14:2214:25 15:315:7 15:1115:12 15:1415:17 16:216:5 17:2
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 100
17:3 18:823:6 23:1123:16 24:1124:15 24:2125:23 26:126:4 27:827:11 27:1528:1 28:928:16 28:2029:1 29:829:13 30:1330:14 31:1532:3 32:1332:16 32:2433:4 34:934:10 35:739:7 40:442:2 42:942:12 42:1744:13 44:2345:1 45:1051:19 56:256:20 56:2557:4 57:1857:21 57:2358:20 58:2159:17 59:2060:25 61:461:9 61:2362:1 62:1762:21 62:2463:2 63:2463:25 64:2165:1 66:469:14 69:1869:22 70:370:6 70:971:6 71:772:5 72:1176:4 76:17
76:19 78:979:9 79:1379:16 80:1380:14 81:1081:13 81:1581:21 81:2582:9 82:1582:18
joined 9:4
9:13 9:1633:19 65:25
joining
65:22
JOSEPH 13:18
64:14
July 22:25
jumps 61:16
June 14:3
14:8 22:2222:24 81:23
K
Kevin 32:6
32:8 46:2547:8 47:1348:6 55:573:18 75:2177:19
key 53:17
kick 32:21
L
laid 55:22
lane 20:21
25:3 26:1231:24 38:1538:16 74:21
74:24 75:6
lanes 11:10
19:5 19:1420:22 26:826:18 26:2038:1 38:238:3 38:438:15 38:2372:7 72:1873:20 74:474:11 75:1676:13 79:1
large 61:6
last 41:24
67:11
late 78:14
78:18 78:18
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layered
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lays 51:24
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leaders
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leadership
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legislation
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let's 29:1
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light 4:12
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line 12:10
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Madam 11:7
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March 47:16
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maybe 30:25
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Mayor 5:13
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5:19 8:208:21 10:2412:15 12:1616:13 16:1429:24 29:2533:13 33:1458:6 58:763:10 63:1170:17 70:1879:24 79:25
mean 24:19
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meeting 4:3
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meetings
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meets 74:18
Megan 46:4
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members 8:2
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metrics
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Mihaly 7:8
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Mike 10:20
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38:17
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Miller 42:5
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minutes 11:8
29:11 29:16
Mitchell 7:4
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44:9
month 41:24
month-and-a-
half 41:24
monthly
81:17 82:12
Moody's
48:23 49:18
morning
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motion 7:24
7:25 8:98:10 10:711:15 11:1711:21 11:2213:23 14:2114:23 15:815:15 15:1818:6 28:529:5 29:929:14 31:1245:5 57:557:7 57:1959:15 62:262:6 62:1862:19 62:2464:19 69:2570:4 70:972:2 78:2178:23 79:1079:16 81:8
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31:19
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nation 50:23
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News 5:9
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nights 78:14
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ninety-four
67:11
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None 78:16
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72:3
notes 52:4
nothing
55:19
notice 18:19
22:12 22:1322:17 23:327:22 40:1446:18 68:5
Numerically
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numerous
36:11
O
O&M 52:19
obligation
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obviously
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occur 20:10
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38:22 39:544:8 47:2150:20 60:13
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p.m 81:24
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pages 60:17
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paid 61:12
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pandemic
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paragraph
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paragraphs
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Parkway
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partially
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parties
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percentages
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permanently
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perspective
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PFM 68:19
phase 19:20
phases 19:12
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68:8 74:15
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policy 21:2
21:23 37:1637:24 38:938:18 38:2038:21 39:439:18 39:2541:13 42:2043:22 43:2544:3
Poquoson
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portion
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position
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positivity
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handover
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pre 20:7
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preamble
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preambles
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precedent
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preliminary
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pre-pandemic
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process
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procuring
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profile
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program
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project
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projected
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projection
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projections
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projects
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quarterly
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60:23 61:161:24 69:1269:15 76:16
quick 29:7
quickly 11:2
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rates 54:1
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ratio 53:18
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ratios 55:24
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reach 36:8
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reads 78:23
ready 24:8
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reaggregate
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really 19:3
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reason 61:8
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receive
10:11 10:13
received 5:9
recently
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recess 28:23
29:4 29:929:16 31:1231:21
Recession
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recessions
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recite 66:14
recognizing
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recommendati
on 65:14
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recommended
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reconvene
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record 8:1
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reliable
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reminder
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Repair 11:14
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report 52:18
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reports 49:1
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requirements
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reserve
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ties 4:23
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ty 21:9
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responsibly
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rest 28:2
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result 36:3
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resulted
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results 8:5
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resume 50:2
return 30:25
revenue
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revenues
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reverb 32:22
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review 38:10
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revisit
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right-hand
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Rise 19:8
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Roads 4:1
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roadway 21:7
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roadways
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role 20:12
roll 4:10
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room 40:16
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Rules 67:13
run 18:24
25:4 25:1056:18 59:2272:14
running 27:5
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safety 37:5
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sale 69:1
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scheduled
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SEC 67:13
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secretary
21:4 35:1939:19 42:2342:24 43:4
Sections 5:3
secured 52:9
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seeing 50:22
82:10
seemed 41:1
seems 43:22
61:5
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60:14 74:6
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segments
37:8 75:6
selected
67:8
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Senator 6:15
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senior 67:23
sensitive
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separate
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series 67:4
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service 14:6
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services
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sets 67:24
setting
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settle 50:7
several
66:13
sharply
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SHEP 42:14
42:19 43:443:16
Shepperd
6:13 6:149:18 9:1911:24 11:2413:9 13:1017:14 17:1630:19 30:2030:23 32:632:8 32:932:15 34:15
34:16 35:1135:14 35:2336:10 37:1439:6 39:840:5 41:144:16 59:159:2 64:564:6 71:1271:13 80:1980:20
Shepperd's
42:21
shoot 52:23
shorten 47:4
showed 55:24
showing 53:7
54:18
shown 73:18
shows 55:16
60:6
shutdowns
47:17
sides 40:9
sign 69:9
signal 33:20
significant
37:5 41:1941:23 50:150:23
similar
19:18 51:2360:18 73:1774:6 74:23
simple 35:15
simply 11:17
37:22
single 4:15
61:13
sir 8:8 17:7
23:25 24:324:15 35:651:20 61:4
six 19:18
42:22 49:2352:5 53:2573:23
sixteen 50:6
sixty 74:5
sixty-one
74:22
six-year
56:14 56:1660:6 72:772:20 75:1776:11
slide 23:12
23:18 23:2024:16 24:2449:9 53:1554:7 55:1555:16 55:2559:21
slides 48:1
48:10 54:2260:4 60:1572:14 75:3
slow 47:6
Smith 52:17
sold 61:11
solid 78:20
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 111
solution
44:21
solve 12:9
somebody
17:19
someone
42:12 50:1054:9 62:4
somewhat
53:11
somewhere
25:21
sorry 33:18
42:7
sound 35:9
sources
55:18 55:2160:8 60:11
spare 54:3
54:7 55:2
speak 37:3
speaker 7:22
speaking
7:24 42:442:8
special 4:3
48:4 49:2
specific
20:4 27:2043:1
specifically
21:13 67:19
speculating
51:6
speculation
51:6
speeds 26:22
spent 66:20
spoke 62:4
sponsor 40:2
spring 75:7
75:8
SR 6:6 9:9
13:1 17:130:12 34:858:19 63:2371:5 80:12
stacks 44:4
44:4
staff 18:14
36:13 36:1445:20 46:1356:3 56:665:4
stand 82:19
start 29:10
50:25 51:8
started 26:9
48:1
starting
25:21 27:445:11 48:1449:17 50:273:16
starts 66:9
73:15
state 4:13
5:7 7:2536:12 37:4
37:7 37:1037:12 38:2543:20 44:1049:22
state-level
36:12
statement
67:9
states 22:4
49:4 77:3
status 18:16
67:24
statutorily
4:20
step 56:17
Steps 48:8
stop 12:6
68:8
stopping
45:4
stream 19:24
stress 47:24
48:11 48:1548:19 48:2049:7 50:150:19 51:1251:12 51:1553:21 54:2156:8 57:1357:15 60:1660:19 62:1362:15 65:1074:13 75:1177:2
strikes
36:15
structured
68:16
structures
67:21
subcontract
20:16
subgroup
44:1
subject 21:1
39:24
submitted
52:11 52:22
substantiall
y 22:20
summarize
48:12
summer 46:20
Supervisor
10:24 14:516:3
Supervisors
10:25
supplemental
67:4
support 74:3
74:11 77:1
supported
19:24
supporting
56:3
supports
46:14
supposed
35:24
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 112
sure 17:9
31:17 31:1937:19 39:344:4 75:2277:11 77:1577:23 77:2478:2 78:378:4 78:19
sustain
77:16
system 21:9
39:10 41:16
systemic
26:12
T
table 55:21
60:7
TAC 42:23
43:1 44:1
taking 65:15
talk 25:24
27:20
talking
25:13 50:10
tax 48:13
49:2 49:349:3 49:1249:13 49:1349:15 49:2260:15
Taxation
56:10
taxed 43:19
taxes 48:3
team 46:14
56:3 76:2477:9 78:6
technical
82:20
technologica
l 32:20
telephone
4:17 45:14
term 21:24
terminate
22:9
termination
21:25 67:22
terms 44:5
67:21
terrible
12:5 12:5
test 47:24
48:11 48:1548:19 48:2050:8 50:1750:19 51:1251:13 51:1653:16 53:2154:21 56:857:13 57:1560:16 60:1962:13 62:1565:10 74:1375:11 77:2
thank 4:11
4:12 8:710:9 10:1413:25 14:1415:6 18:818:12 19:123:6 26:5
26:24 27:328:1 29:1331:14 31:2032:2 32:1535:6 35:735:14 40:242:2 42:1144:23 45:946:23 46:2454:8 54:1354:15 56:156:6 56:2456:25 57:1859:17 59:1960:2 60:2561:21 62:1764:21 64:2566:6 66:669:14 72:572:10 73:1275:22 76:2577:19 78:678:6 78:878:10 78:1578:20 79:981:10 82:982:13 82:1882:20 82:21
Thereafter
20:23
there's
14:15 25:1537:9 39:2040:16 43:1447:5 47:2348:18 55:1959:21 60:1460:23 74:876:22
they'll 53:4
they're
36:22
they've
77:22
third 20:16
thralls
45:15
throughout
26:21
THURSDAY 4:4
tie 35:24
37:7
TIFIA 48:17
50:16 52:352:3 52:852:13 52:2052:24 52:2553:3 53:1661:13 61:1874:2 74:274:10
tighter
74:12 74:20
timeframes
5:2
timeline
18:17 18:18
timely 18:18
tireless
40:12 40:23
title 5:11
today 25:3
40:6 47:552:17 65:14
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 113
65:22 78:17
toll 19:23
20:2 21:221:19 41:341:13 42:2050:21 50:2250:22 50:2551:11 52:1052:14 61:674:2
toll-backed
22:5 41:2
tolling
18:10 18:1619:3 20:1820:24 21:822:6 22:824:9 27:2432:10 35:1235:17 36:337:21 37:2438:9 38:1839:12 39:1740:19 43:743:9 43:2143:24 44:351:1 52:1968:7
tolls 20:2
52:21
Tom 32:8
32:14 51:1
top 49:21
53:19 60:7
total 41:16
53:1 65:18
totally 44:7
toward 40:14
towards 25:8
27:13
TPO 36:13
traffic
11:10 50:2351:7 52:1852:24
transact
4:19
transcript
5:1
transparency
65:4
transportati
on 4:1
19:22 21:435:20 65:1866:12 66:1976:14
travel 26:16
26:21
trend 48:16
49:24 53:23
true 68:24
trust 66:16
67:4
try 28:22
47:2 77:8
trying 24:23
32:10 44:21
Tuck 5:16
5:17 8:188:19 12:1312:14 15:10
15:10 15:2515:25 16:1116:12 25:1227:4 29:2229:23 33:1133:12 58:458:5 63:863:8 70:1571:24 71:2472:3 79:1179:11 79:2279:23
Tunnel 18:20
45:19
turn 4:7
11:6 14:814:11 14:2218:10 18:2328:6 33:1946:8 46:2256:20 64:2466:1 73:273:11
turned 33:19
turning 7:17
twenty-seven
18:13
twenty-six
14:16
type 51:24
U
uncertain
54:5 54:24
uncertainty
20:1
underserved
26:18
understand
37:14 39:2444:7 65:24
undertaking
67:12
underway
52:12
underwriters
67:7
unencumbered
26:21
unilaterally
37:13
United 77:3
unless 82:4
82:11
unmute 8:2
unsafe 4:14
update 18:10
52:16 72:1772:23 72:2476:11 79:379:5 81:18
updated 57:8
62:7 76:12
updates
81:20
updating
47:15 52:17
upfront
51:16
utilize
26:18
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 114
V
various
55:17 67:967:17
vast 44:9
VDOT 19:17
19:19 20:820:16 21:721:17 21:2222:4 22:1522:19 39:939:19 40:1048:6 52:1868:5 77:2177:23 78:15
VDOT's 81:20
verbal 6:2
6:10 6:126:16 7:57:7 9:59:14 9:179:21 13:613:8 13:1215:2 16:2227:10 30:1831:2 33:2333:25 34:1434:18 50:1457:3 58:2559:4 61:2562:23 63:964:4 64:869:17 70:1671:11 71:1580:18 80:2281:3
versus 37:9
vi 68:24
vice 69:8
vicinity
24:18 25:2
Vick 7:6
viewpoint
26:12
vii 69:1
violation
38:12
Virginia 5:4
25:8
virtual 82:1
82:6
volume 65:3
vote 55:13
66:5
voted 72:3
votes 8:1
voting 7:13
7:15 8:28:3 35:4
W
wait 23:23
walk 66:2
website 5:1
we'd 10:18
45:13
weeks 47:1
welcome 4:23
10:16 10:1810:22 10:25
11:4
we'll 11:5
18:8 27:2028:2 29:632:13 32:2232:24 45:2456:22 59:1864:21 72:2176:15 82:19
we're 25:12
36:18 45:1750:22 50:2452:14 53:153:7 69:2172:15 75:875:12 75:1977:4 77:1177:14 77:2378:1 82:13
West 5:12
5:13 8:148:15 12:312:4 16:716:8 28:828:11 29:1529:15 29:1829:19 33:733:8 57:2558:1 62:1962:19 63:463:5 70:1170:12 79:1879:19
we've 35:3
35:4 41:441:23 43:1744:16 48:1754:6 73:18
74:9
whatever
43:9
WHEREUPON
6:2 6:106:12 6:167:5 7:7 9:59:14 9:179:21 13:613:8 13:1215:2 16:2227:10 30:1831:2 31:2133:23 33:2534:14 34:1850:10 50:1457:3 58:2559:4 61:2562:4 62:2363:9 64:464:8 69:1770:16 71:1171:15 80:1880:22 81:382:22
whether 7:9
20:1 20:1421:21 38:1138:24 67:2268:17
whoever
33:18 43:543:6
whole 26:11
38:8 39:2243:16
Wight 10:25
HRTAC Special Committee Meeting May 28, 2020 VR # 10507-2 Page 115
wonder 36:21
wonderful
76:25
work 11:12
40:13 41:1845:20 47:1751:9 56:556:6 68:1977:22 78:778:18
worked 78:12
working
40:12 40:1840:23 52:1577:21 77:2278:2
works 54:6
worse 75:10
worst 51:3
wrap 22:19
Y
year's 14:17
yet 51:9
you-all
72:25 78:11
you'll 14:8
14:17 19:2422:3 73:16
you've 17:9
60:14 74:6