HAMPTON ROADS TRANSPORTATION ACCOUNTABILITY … Special... · 2020-06-08 · hampton roads transportation accountability commission special committee meeting thursday, may 28, 2020

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


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


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



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


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.


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?


11 MR. INGLIMA: Mr. Freiling?


13 MR. INGLIMA: Mr. Shepperd?

14 MR. SHEPPERD: Present.

15 MR. INGLIMA: Senator Cosgrove?


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?


1 MR. MALBON: Present.

2 MR. INGLIMA: Commissioner Brich?

3 COMMISSIONER BRICH: Present.

4 MR. INGLIMA: Ms. Mitchell?


6 MR. INGLIMA: Ms. Vick?


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


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.


17 MAYOR RABIL: Yes.


19 MAYOR TUCK: Aye.


21 MR. MCCARTY: Yes.


23 MR. HIPPLE: Aye.


25 MR. JENKINS: For.



2 MAYOR ALEXANDER: Yes.

3 MR. INGLIMA: Mr. Green, in case

4 you joined?



7 MAYOR ROWE: Aye.

8 MR. INGLIMA: Mr. Cornwell?

9 MR. CORNWELL, SR.: Yes.

10 MR. INGLIMA: Mayor Johnson?


12 MR. INGLIMA: Mr. Dyer, in case

13 you joined?


15 MR. INGLIMA: Mr. Freiling, in

16 case you joined?



19 MR. SHEPPERD: Yes.




23 SENATOR MASON: Aye.


25 DELEGATE JENKINS: Yes.



2 DELEGATE LINDSEY: Yes.


4 DELEGATE MULLIN: Aye.


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.


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


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


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?



14 MAYOR TUCK: Aye.


16 MR. MCCARTY: Aye.


18 MR. HIPPLE: Aye.


20 MR. JENKINS: Yes.


22 MAYOR ALEXANDER: Aye.


24 MAYOR ROWE: Aye.






4 MR. INGLIMA: Mr. Dyer, if you're

5 on?













18 JOSEPH LINDSEY: Yes.


20 MR. MULLIN: Aye.


22 read the results?


24 approved.

25 CHAIR JOHNSON: Thank you. Before


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


1 questions? Do we have any questions?


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...


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


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.




12 MAYOR TUCK: Aye.




16 MR. HIPPLE: Aye.








24 MAYOR ROWE: Aye.







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.


12 COMMITTEE MEMBER: Hello? Hello?

13 Hello.


15 COMMITTEE MEMBER: Hello?



18 COMMITTEE MEMBER: Hello?

19 MR. INGLIMA: If somebody is

20 saying "hello," can they please put their phone

21 on mute? Senator Mason?









4 MR. INGLIMA: Mr. Mihaly, the

5 results?


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.


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


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


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.


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


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.


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.


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.


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...


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


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.


9 other questions? Comments?


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.


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.


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.


19 MAYOR WEST: Yes.




23 MAYOR TUCK: Aye.





2 MR. HIPPLE: Aye


4 MR. JENKINS: Yes.




8 MR. GREEN: Aye.


10 MAYOR ROWE: Aye.



13 MR. INGLIMA: Chair Johnson?



16 MAYOR DYER: Yes.




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


1 to that when we reconvene. Senator Cosgrove?










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?


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.


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?


8 MAYOR WEST: Present.


10 MAYOR RABIL: Present.


12 MAYOR TUCK: Present.


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?







2 MAYOR ALEXANDER: Here.


4 MR. GREEN: Present.


6 MAYOR ROWE: Present.


8 MR. CORNWELL, SR.: Present.


10 CHAIR JOHNSON: Yes, here.


12 MAYOR DYER: Yes, I'm here.




16 MR. SHEPPERD: Here.




20 SENATOR MASON: Here.







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?


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


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


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


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?


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


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.


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


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


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


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?


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.


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


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


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


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


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,


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?


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


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.


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


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


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


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


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.


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


1 have any questions from any commissioners on item

2 6C?


4 CHAIR JOHNSON: If not, we would

5 entertain, Counselor, a motion.


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.


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?



1 MAYOR WEST: Yes.


3 MAYOR RABIL: Yes.


5 MAYOR TUCK: Aye.


7 MR. MCCARTY: Aye.


9 MR. HIPPLE: Aye.






15 MR. GREEN: Aye.


17 MAYOR ROWE: Aye.






23 MAYOR DYER: Yes.

















14 results?


16 approved.


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


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


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.


24 other questions?



1 CHAIR JOHNSON: If not, do we have

2 a motion for item D?

3 MR. INGLIMA: Madam Chair...

4 (WHEREUPON, someone spoke inaudibly.)


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?


24 CHAIR JOHNSON: We have a motion.

25 If I...


1 MR. HIPPLE: Hipple, second.

2 CHAIR JOHNSON: Okay, we have a

3 second by Mr. Hipple. Roll call, please.


5 MAYOR WEST: Yes.


7 MAYOR RABIL: Yes.

8 MR. INGLIMA: Mr. Tuck? Mr. Tuck?





13 MR. HIPPLE: Aye.






19 MR. GREEN: Aye.


21 MAYOR ROWE: Aye.







2 MAYOR DYER: Yes.












14 JOSEPH LINDSEY: Yes.


16 DELEGATE MULLIN: Yes.


18 results?


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.



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.


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


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


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%,


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.


15 much. Do we have any questions from any

16 commissioners?


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?


25 motion is as follows. Commission approves


1 resolution 2020-01 which authorizes the issuance

2 of HRTF revenue bonds for up to $800 million.


4 motion?

5 MAYOR ROWE: So moved, John Rowe.


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?


12 MAYOR WEST: Yes.








20 MR. HIPPLE: Aye.







1 MR. GREEN: Aye.


3 MAYOR ROWE: Aye.



6 MR. INGLIMA: Chair Johnson?



9 MAYOR DYER: Yes.















24 MAYOR TUCK: Mayor, Tuck was aye.



1 results?


3 approved, and I've noted that Mr. Tuck has voted

4 in the affirmative.


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?


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


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


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-


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


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


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


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.


23 Commission, the motion reads as follows. The

24 Commission, one, endorses the (a) HRTAC proposed

25 debt management plan to include Hampton Roads


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.


14 second?

15 MR. GREEN: Buddy Green, second.

16 CHAIR JOHNSON: We have a motion

17 and second. Could you please call the roll?


19 MAYOR WEST: Yes.




23 MAYOR TUCK: Aye.





2 MR. HIPPLE: Aye.


4 MR. JENKINS: Yes.




8 MR. GREEN: Aye.


10 MAYOR ROWE: Aye.






16 MAYOR DYER: Yes.

















7 read the results?


9 approved.


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


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


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

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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

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ST day of JUNE


$

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180 67:15

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2007 49:16

2008 49:6

2012 49:16

2018 52:4

2019 4:18

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2020 4:4

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2020-01

65:16 66:870:1

2021 15:20

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2022 50:6

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2023 61:17

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2026 51:4

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amount 51:24

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amounts 61:7

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annual 76:9

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37:15 46:1147:7 69:11

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49:19

aye 8:19

8:23 9:79:23 10:412:14 12:1612:18 12:2212:24 13:1413:20 16:1216:14 16:1616:24 17:2218:3 29:2329:25 30:230:8 30:1031:4 31:1058:5 58:758:9 58:1358:15 58:1759:6 59:1263:11 63:1363:19 63:2164:10 70:1870:20 71:171:3 71:1771:23 71:2479:23 79:2580:2 80:6


80:8 80:1080:24 81:5

B

backed 74:10

background

50:11

balance 54:2

74:17

Ballou 65:23

65:24

BAN 61:12

61:14

BANs 61:11

bars 51:25

52:6 52:753:5

base 49:7

49:13

based 53:21

54:20 57:1457:16 62:1362:15

basically

25:9 45:3

basis 74:15

Beach 25:8

begin 11:5

19:6 24:925:5 25:1073:19 75:7

beginning

43:17 46:253:22

begins 8:3

20:19 25:3

behalf 32:19

69:10

behind 65:2

believe

26:25 27:228:3 35:1748:4 78:2181:11

best 53:13

better 32:5

35:9 44:21

bilaterally

40:18

Bill 20:3

41:6 48:13

bit 25:24

41:10 50:353:1 55:174:12 75:5

Bland 25:9

27:5

blessing

43:19

blue 54:20

Bluetooth

31:16

board 10:25

77:19

bond 22:15

23:1 23:227:19 27:2040:13 46:450:8 52:353:11 64:23

65:3 66:1466:20 67:667:23 73:13

bonds 27:25

48:25 53:761:20 65:1866:12 66:1867:21 67:2568:14 68:1868:22 68:2569:1 69:870:2 74:174:10

books 77:13

77:14

bottom 44:8

60:8 60:12

Boulevard

25:9 27:5

Bower's 19:8

25:11 27:673:21

break 35:24

Brich 7:2

7:3 25:2426:6 26:737:2 40:2242:10 78:14

Bridge 11:13

18:20 19:819:14 45:18

Bridge-

Tunnel

26:11 46:1856:19 57:1262:12

brief 14:15

14:16 31:21

briefed 76:2

briefing

18:15 18:2522:1

bring 40:24

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

building

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


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

catch 50:3

catch-up

48:8

CDM 52:17

Center 25:22

certain

38:18 67:14

certainly

26:1 38:1939:2 40:740:23 41:642:17 47:551:3 60:375:17 82:7

chair 4:6

4:11 4:125:5 6:87:16 7:208:5 8:79:11 10:910:12 10:1411:7 11:1611:20 11:2512:7 13:313:25 14:1414:25 15:315:4 15:7

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


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


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


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


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


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


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


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


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


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


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

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issuances

66:14

issue 20:2

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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


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

later 20:10

24:1 53:967:7 67:2268:17 68:2373:21

launch 20:11

23:13 23:2324:2

law 38:12

38:25 53:3

lawful 4:22

layer 73:19

layered

74:24

lays 51:24

76:7

lead 19:19

28:7 72:2272:23

leaders

43:18

leadership

77:20

least 26:22

67:12

leave 5:11

led 36:21

legislation

20:4

less 69:3

let's 29:1

29:2 32:20

letter 52:12

52:22

level 48:1

levels 54:1

74:16 75:2

lien 67:24

light 4:12

37:18 46:17

likely 18:17

Lindsey 6:21

6:22 10:110:2 10:2113:17 13:1817:25 18:131:7 31:834:23 59:959:10 64:1364:14 71:2071:21 81:2

line 12:10

28:24 31:1632:18 33:21


44:8 48:1649:21 49:2449:25 51:1153:19 53:2354:20 73:5

lines 49:9

little 25:24

35:16 41:1050:3 53:155:1 74:1275:5

live 40:15

68:6

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loan 50:17

52:3 52:852:13 52:2061:13 61:19

loans 53:17

55:18 74:274:3 74:10

local 43:18

49:12

located

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location

4:15

long 51:4

72:24 78:479:5

long-range

76:14

long-term

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looming

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lot 40:16

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low 52:23

lower 47:10

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ma'am 27:17

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Madam 11:7

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maintain

74:16

maintained

21:16

maintaining

21:17

maintenance

19:10 21:621:7 21:821:17

majority

44:9 64:22

Malbon 6:25

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manage 20:8

management

47:15 47:2156:17 57:1160:13 65:872:17 72:2176:11 78:25

manager

20:10

March 47:16

market 53:11

53:12 54:167:14 68:2174:15 81:18

Mason 6:17

6:18 9:229:23 13:1313:14 17:2117:22 31:331:4 34:1934:20 59:559:6 64:964:10 71:1671:17 80:2380:24

Master 18:9

18:16 19:222:6 22:827:24 35:1240:19 66:1667:5 68:168:7

materials

55:20

maturity

68:22

maximum 53:3

may 4:4

14:20 18:2122:21 25:2337:22 37:2438:12 38:1938:19 41:241:14 42:1545:22 46:647:20 51:2353:1 73:576:3 77:577:5 77:8

maybe 30:25

37:17 41:965:25

Mayor 5:13

5:15 5:175:25 6:48:12 8:158:17 8:199:2 9:79:10 12:412:12 12:1412:22 12:2413:2 14:414:4 14:2215:10 15:1015:11 15:1415:25 15:2516:8 16:1016:12 16:2016:24 17:217:5 17:823:9 23:1223:20 23:2324:1 24:5


24:10 25:1227:1 27:427:7 28:828:11 29:1529:19 29:2129:23 30:630:10 30:1633:8 33:1033:12 34:234:6 34:934:12 57:2058:1 58:358:5 58:1358:17 58:2058:23 62:1963:5 63:763:17 63:2163:24 64:270:5 70:1270:14 70:2471:3 71:971:24 71:2478:8 79:1179:11 79:1979:21 79:2380:6 80:1080:13 80:1681:15

McCarty 5:18

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

39:18

means 23:14

24:4

mechanical

7:18

mechanism

39:2 43:23

meeting 4:3

4:7 4:94:16 4:194:24 5:17:11 7:177:19 8:611:1 11:914:2 14:2027:13 28:2329:4 29:1035:3 45:2365:22 65:2576:3 76:1081:23 82:182:22

meetings

22:23

meets 74:18

Megan 46:4

53:9 65:23

member 10:24

17:12 17:1517:18 28:1842:15 43:144:25

members 8:2

10:16 10:1721:3 35:1844:1 56:2

59:20 77:777:18

memo 18:25

22:1

mentioned

66:21 68:376:1

met 7:10

7:14 19:2535:3 35:4

methodology

47:23

metrics

53:17

Mihaly 7:8

7:10 7:148:4 10:510:7 13:2113:23 18:418:6 31:1131:12 35:235:3 59:1359:15 64:1764:19 71:2572:2 81:681:8

Mike 10:20

miles 26:22

38:17

milestone

23:13 27:23

Miller 42:5

42:14 42:1542:19 43:443:16 44:1746:3 46:846:21 46:24

50:12 50:1551:21 54:1454:17 55:1459:21 59:2460:3 61:1061:11 72:1373:1 73:1173:12 75:23

million

27:19 48:752:23 54:265:19 66:1168:15 70:274:17

mind 76:4

minimum 54:2

74:7 74:16

minute 23:24

minutes 11:8

29:11 29:16

Mitchell 7:4

model 26:2

modification

s 21:1

modify 20:24

money 22:15

44:9

month 41:24

month-and-a-

half 41:24

monthly

81:17 82:12

Moody's

48:23 49:18

morning


10:18 11:132:20 42:1866:7

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

motions 45:6

motorists

26:19

move 14:1

14:7 15:1018:9 18:2228:2 29:1635:10 44:2445:7 45:1546:8 47:247:3 51:1753:1 56:756:11 56:1259:18 62:2064:22 65:8

72:16 76:877:12 79:12

moved 15:16

41:6 47:2457:20 70:5

movement

40:13

moves 75:14

moving 22:14

35:10 45:1751:22 65:165:12 66:2372:11 72:1373:7 73:976:1

mow 35:10

MTA 22:19

23:3 41:1241:20 41:2451:2 68:4

Mullin 6:23

6:24 10:310:4 10:2013:19 13:2018:2 18:324:13 24:1424:16 24:2525:5 25:1425:19 26:531:9 31:1034:25 35:159:11 59:1261:2 61:361:5 61:2164:15 64:1671:22 71:2381:4 81:5

multiple

40:9 68:18

mute 7:23

12:10 17:2128:13 28:1633:21 54:12

muting 31:17

31:19

mutually

22:6

myself 46:4

N

nation 50:23

near-term

48:15 50:18

necessarily

36:18

necessary

4:20

neglect 14:1

negotiating

44:19

negotiation

37:1

negotiations

44:20 52:25

net 22:18

network

11:10 19:619:11 20:1821:15 24:225:9 26:826:12 26:1626:20 26:21

27:2 37:538:1 38:838:23 39:541:16 44:872:7 72:1876:13 79:1

Newport 5:9

25:13 25:1827:4

News 5:9

25:13 25:1827:4

nights 78:14

78:18

nine 54:18

ninety-four

67:11

nominating

14:3 14:5

None 78:16

north 25:20

note 5:8

59:25 67:1868:15

noted 27:18

72:3

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nothing

55:19

notice 18:19

22:12 22:1322:17 23:327:22 40:1446:18 68:5

Numerically


50:4

numerous

36:11

O

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obligation

22:11

obviously

36:25 74:974:19

occur 20:10

20:11 22:2336:14 81:23

occurred

39:16 39:18

offer 22:15

offered 8:11

official

67:9

okay 17:8

17:10 23:2524:10 29:230:23 31:1432:4 32:1532:22 33:1735:23 36:1037:14 39:842:11 50:1551:21 54:1455:14 63:268:12 69:22

one-and-a

74:25

ones 42:24

77:13 77:14

one-third

53:2

one-time

48:8

online 61:18

onset 26:10

open 21:11

21:24

opens 77:7

operate 38:4

38:7 38:16

operating

60:9

operation

19:10 21:1524:9 37:11

operational

26:9

operations

4:21 20:620:17 37:2538:22 41:16

operator

20:15 21:1037:6

operators

50:22

opportunity

26:13 38:20

option 11:14

26:19 49:12

order 4:7

5:5 11:1215:9 20:2433:2 33:5

68:16 77:1277:15 77:24

organization

al 14:2

76:9 81:22

original

49:21 50:460:15 69:2

originally

44:5

otherwise

43:2 76:1782:5

overall 38:1

38:22 39:544:8 47:2150:20 60:13

overview

75:24

P

p.m 81:24

package

18:14 46:365:1 67:169:7

packet 64:23

page 10:12

14:12 14:1414:15 18:1118:12 18:1319:1 24:2124:23 25:125:7 25:1725:23 26:226:7 26:2427:14 27:16

27:17 28:728:20 28:2229:2 29:831:14 32:132:5 32:732:16 33:133:17 35:2236:1 36:2441:10 43:343:14 45:845:9 45:1146:2 47:847:11 47:1247:13 47:2247:22 48:1248:21 50:451:22 54:854:15 54:1755:9 55:2356:1 59:1859:19 59:2359:25 60:460:6 61:761:9 64:2464:25 65:266:7 66:966:13 66:2166:23 66:2467:5 67:867:11 67:1569:20 72:972:10 72:1173:14 73:1674:5 74:2275:22 78:1381:12 81:1382:3

pages 60:17

60:24


paid 61:12

61:14

pandemic

45:16 46:2047:17

paragraph

67:18 67:2469:4

paragraphs

67:16 69:5

parallel

22:14 45:1765:11

parameters

27:21 67:25

Parkway

25:22 39:14

partially

44:1

particular

47:20

parties

21:18 22:522:7 36:840:9

party 20:16

pass 8:5

passed 78:17

pause 55:11

75:20

pay 40:2

60:21

payable

66:18

PDF 47:8

47:11 47:1247:22 51:2254:17 60:460:17 61:766:9 66:2467:6 67:867:11 67:1572:12 73:14

people 42:22

43:19 51:8

percent 50:6

percentage

49:17

percentages

48:10

performance

49:15

performed

49:5

performs

75:20

perhaps 37:7

44:2

period 20:8

21:13

periods 20:7

permanently

51:8

perspective

67:10

PFM 68:19

phase 19:20

phases 19:12

phone 7:23

17:20 29:1237:3 54:1165:22

phones 8:3

pick 59:24

72:14

picked 48:16

piece 44:7

44:8

plan 45:19

47:15 47:2147:21 51:2554:6 54:2555:22 56:1757:11 60:660:13 60:1362:10 65:872:17 72:2172:22 72:2474:12 74:1774:20 75:1275:15 75:1776:11 76:1576:22 78:2078:25 79:379:5

planning

18:22

plans 51:13

65:13 72:25

please 5:7

5:12 7:227:25 8:910:6 12:112:10 16:517:20 26:4

28:11 28:1329:14 31:1731:19 33:633:21 40:2044:25 47:954:11 57:2463:3 70:1073:3 79:17

pleasure

81:15

point 21:12

27:12 36:2538:13 38:1439:1 40:1540:25 42:2143:6 44:2251:1 77:11

pointed

41:20

points 45:4

68:8 74:15

policies

20:18 20:2120:24 36:337:12 37:2138:10 43:1544:6

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


5:10

portion

19:15 27:1937:18 39:1241:12 66:21

position

37:10 77:1277:24

positive

77:11

positivity

77:24

possible

22:20

possibly

77:10

post 37:20

post-

handover

20:9 21:10

potential

21:19 57:1457:16 62:1462:16 79:179:4 79:6

PowerPoint

18:24 75:25

pre 20:7

21:12

preamble

66:24

preambles

66:13

pre-

appointed

21:5 35:20

precedent

49:19

preliminary

52:15 67:8

pre-pandemic

48:2

prepare 82:6

prepared

14:18

present 5:8

5:13 5:155:17 5:195:21 5:235:25 6:46:6 6:86:14 6:226:24 7:17:3 33:833:10 33:1233:14 34:434:6 34:847:5 66:25

presentation

18:25 23:428:4 35:1645:3 45:845:10 46:246:9 46:2347:10 55:855:10 59:2560:1 65:768:4 72:1573:3 76:1

presented

22:21 22:2445:22 46:3

46:25 47:1666:8 69:6

presenters

45:4

presently

19:12 22:2

presumably

36:1

presume

42:24

pretty 35:15

41:5

previous

75:3

previously

25:21 48:1752:11 55:1960:14 68:273:18 73:25

price 69:1

primarily

36:4 48:974:1

primary

21:11 37:6

principal

61:12 65:1966:11 68:13

prior 49:5

66:14 66:15

probably

36:6 46:2182:4

problem

32:20

proceed

18:19 22:1222:13 22:1723:3 27:1227:23 40:1446:19 68:5

proceeds

66:20

process

19:17 37:152:21

procuring

19:19

profile

81:18

program

56:14 56:1772:20 76:12

progress

41:19 41:23

project

11:12 15:2015:24 18:2019:11 19:1719:21 26:1540:15 45:1946:18 53:253:7 55:1756:19 57:1362:12 65:2166:22 72:881:20

projected

50:17 53:16

projection

49:22 50:460:16


projections

49:23 57:862:7

projects

19:19 40:252:5 53:2556:15 57:1160:10 60:2262:11 72:1973:24 75:1877:13 77:1677:25 78:378:3

proposal

26:3

proposed

14:9 15:1915:23 38:1072:7 72:1772:24 78:2479:2 79:4

provide

18:15 26:1656:4 59:2265:20 67:14

provided

26:15 48:2356:9 65:367:5 81:1681:19

provides

60:20 68:21

proxy 49:14

prudent

20:15 45:1445:20 46:1356:11

public 4:23

10:10 14:1014:24 15:2272:9 73:1079:8

purchase

67:6

purpose 4:9

4:18 38:338:4

purposes

4:22 21:641:9

pursuant

4:17 67:2

push 39:14

putting

77:20

Q

quarterly

81:18

question

23:22 32:1135:12 35:1536:20 37:1539:11 42:1644:11 50:1356:22 56:23

questions

14:23 15:115:1 15:823:5 24:1227:9 46:1147:6 47:751:16 51:2056:21 57:1

60:23 61:161:24 69:1269:15 76:16

quick 29:7

quickly 11:2

12:4 46:1947:2

quorum 5:6

7:9 7:117:13 7:1535:4 35:4

R

Rabil 5:14

5:15 8:168:17 12:1112:12 14:416:9 16:1029:20 29:2133:9 33:1058:2 58:363:6 63:770:13 70:1479:20 79:21

raise 36:25

range 72:24

79:5

rate 43:9

48:14 48:25

rates 54:1

74:14 75:11

rather 21:5

rating 48:18

48:24 50:2051:5 51:10

ratio 53:18

53:20 74:8

ratios 55:24

74:25 75:4

reach 36:8

reading 45:6

reads 78:23

ready 24:8

44:24 69:21

reaggregate

28:23

real 36:17

really 19:3

28:14 41:2545:2 75:1

reason 61:8

75:16

reasonable

75:15

recall 19:2

19:25 22:326:9

re-call

28:25

receive

10:11 10:13

received 5:9

recently

26:25

recess 28:23

29:4 29:929:16 31:1231:21

Recession

49:6


recessions

49:5

recite 66:14

recognizing

39:1 40:17

recommendati

on 65:14

73:10

recommended

73:8

reconvene

31:1

reconvened

31:22

record 8:1

8:5 15:15

recording

4:25

rectify

28:25

recurring

48:5

red 49:25

52:7

refer 47:7

47:12

referring

23:19

regarding

4:9 11:1222:10

region 26:17

41:3 41:441:5 41:7

41:8 44:10

regional

49:12 49:15

regular 11:9

82:1

reimburse

65:20

relate 21:12

55:4

related

69:12 73:15

relates 19:9

reliable

26:16

rely 22:4

remain 21:7

60:10

remaining

19:16 45:1269:4

remember

7:23 8:2

reminder

81:21

remove 41:11

removed 41:4

Repair 11:14

repeat 23:18

32:23

repeats

74:22

report 52:18

81:17 81:1982:12

reporter

31:23 31:2432:4 42:342:7 42:842:11

reports 49:1

49:4

required

4:20 21:1538:16 53:2067:13

requirement

42:25 54:20

requirements

74:18

reserve

21:14

resolution

27:19 27:2253:9 64:2366:4 66:866:10 66:1466:17 66:2466:25 68:1468:16 68:2369:5 69:969:12 70:1

resolve

39:23

resolved

39:21 42:1

respect

18:19 19:1120:17 20:2121:16 37:1160:5

response 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

responsibili

ties 4:23

20:9

responsibili

ty 21:9

responsible

21:22 38:839:9 41:756:12

responsibly

46:16

rest 28:2

50:8 52:6

result 36:3

49:20

resulted

55:23

results 8:5


10:6 13:2218:5 48:248:7 51:1755:4 59:1464:18 72:181:7

resume 50:2

return 30:25

revenue

11:11 19:2421:20 24:640:1 47:1948:19 50:1750:22 50:2451:11 52:352:18 52:2553:6 53:1653:19 53:2156:8 57:860:16 61:761:20 62:765:18 66:1270:2 74:274:7

revenues

19:23 19:2321:13 41:341:8 41:945:17 48:1349:3 50:2150:25 51:1352:10 52:1454:21 60:1960:21 74:1378:5

reverb 32:22

33:20

reversible

19:14 20:2020:22

review 38:10

57:14 57:1762:14 62:1665:10 76:1079:2 79:479:6

revisit

47:19

Rick 29:15

62:19

righthand

73:23

right-hand

52:1

Rise 19:8

19:14

road 39:10

50:22 54:10

Roads 4:1

11:9 18:2019:5 19:2225:22 26:826:10 39:1440:1 45:1846:18 56:1957:12 62:1265:17 66:1266:19 72:1873:20 74:476:12 78:25

roadway 21:7

21:18

roadways

37:6

role 20:12

roll 4:10

5:7 8:1 8:48:13 12:112:2 16:629:7 33:333:6 55:1357:24 63:370:10 79:17

room 40:16

54:3 54:655:1

Rowe 6:3 6:4

8:12 8:129:6 9:712:23 12:2416:23 16:2423:9 23:1023:12 23:1723:20 23:2324:1 24:524:10 27:127:7 30:930:10 34:534:6 57:2057:20 58:1658:17 63:2063:21 70:570:5 71:271:3 80:980:10

Rules 67:13

run 18:24

25:4 25:1056:18 59:2272:14

running 27:5

S

safety 37:5

37:9 39:1039:15 41:1544:7

sale 69:1

69:7

sales 49:3

49:12 49:1349:15

saw 73:25

75:3

scheduled

75:7

SEC 67:13

second 7:24

7:25 8:1211:15 11:2415:13 16:216:4 22:2528:19 29:629:17 49:757:21 57:2262:22 63:163:3 66:2470:7 70:870:10 77:279:14 79:1579:17

secretary

21:4 35:1939:19 42:2342:24 43:4

Sections 5:3

secured 52:9

52:10 52:20


66:16 66:18

seeing 50:22

82:10

seemed 41:1

seems 43:22

61:5

seen 51:23

60:14 74:6

segment

19:13 20:2024:8

segments

37:8 75:6

selected

67:8

sell 53:10

Senator 6:15

6:17 6:189:20 9:229:23 13:1113:13 13:1417:17 17:2117:22 31:131:3 31:434:17 34:1934:20 59:359:5 59:664:7 64:964:10 71:1471:16 71:1780:21 80:2380:24

senior 67:23

sensitive

36:15 36:17

separate

53:8

separately

28:5

series 67:4

68:18 68:1868:25 69:1

service 14:6

48:23 53:2454:22 54:2360:22 61:761:18 74:874:9

services

19:20 26:14

sets 67:24

setting

14:10 29:3

settle 50:7

several

66:13

sharply

53:22

shed 37:18

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


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


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


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


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


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

Documents

HAMPTON ROADS TRANSPORTATION ACCOUNTABILITY … Special... · 2020-06-08 · hampton roads transportation accountability commission special committee meeting thursday, may 28, 2020