Tag Archives: House Bill 3
Posted in Codes & Regulations | Current Events | Politics | Transportation
Last summer and into the fall, we heard about Governor Corbett’s Transportation Funding Advisory Council (TFAC) and their recommendations to fund the necessary transportation improvements in Pennsylvania. You can read my previous post regarding the TFAC here. Well, a foundational part of the TFAC report was approved two weeks ago by the PA Legislature, and on Thursday, July 5th, Governor Corbett signed this legislation into law.
The key bill, House Bill 3, allows public-private partnerships, or P3′s, to be formed where private equity is used to fund transportation improvements in PA. This private investment will fund roads, bridges and other transportation infrastructure improvements, instead of using tax-payer dollars. The private investment group then gets a return on their investment through user fees or tolls that they are allowed to levy on the transportation element that is improved. This offers the investor a consistent revenue stream, and gets Pennsylvanians a roadway, bridge, railway or other transportation on a faster time table than can be done with public revenue streams.Comments (2) | Permalink | Tags: Governor Corbett, House Bill 3, legislation, P3, Pennsylvania, Public Private Partnership Bill, TFAC, Transportation Funding Advisory Council