Lawmakers OK $350M Million Bond Plan for Port of Virginia - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Lawmakers OK $350M Million Bond Plan for Port of Virginia

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NORFOLK, Va. (AP)- State lawmakers have signed off on a $350 million bond package to boost capacity at the port of Virginia.
    
Transportation Secretary Aubrey Lane says that the move is "huge for the commonwealth of Virginia and the port."
    
The state-backed bond deal is aimed at allowing Norfolk International Terminals to handle 696,000 more standard 20-foot containers by 2019. The terminal can currently hold about 1.4 million 20-foot containers a year.
    
Gov. Terry McAuliffe still has to approve the plan, but is expected to.
    
The General Assembly's approval of the plan follows a dramatic financial turnaround for the port. In July, McAuliffe announced that the Virginia Port Authority reported a profit for the first time in seven years.

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