33.1-23.03:8 - Priority Transportation Fund established
§ 33.1-23.03:8. Priority Transportation Fund established.
A. There is hereby created in the state treasury a special nonreverting fundto be known as the Priority Transportation Fund, hereafter referred to as"the Fund." The Fund shall be established on the books of the Comptroller.Interest earned on moneys in the Fund shall remain in the Fund and becredited to it. All funds as may be designated in the appropriation act fordeposit to the Fund shall be paid into the state treasury and credited to theFund. Such funds shall include:
1. A portion of the moneys actually collected, including penalty andinterest, attributable to any increase in revenues from the taxes imposedunder Chapter 22 (§ 58.1-2200 et seq.) of Title 58.1, with such increasebeing calculated as the difference between such tax revenues collected in themanner prescribed under Chapter 22 less such tax revenues that would havebeen collected using the prescribed manner in effect immediately before theeffective date of Chapter 22, computed without regard to increases in therates of taxes under Chapter 22 pursuant to enactments of the 2007 Session ofthe General Assembly. The portion to be deposited to the Fund shall be themoneys actually collected from such increase in revenues and allocated forhighway and mass transit improvement projects as set forth in § 33.1-23.03:2,but not including any amounts that are allocated to the Commonwealth PortFund and the Commonwealth Airport Fund under such section. There shall alsobe deposited into the Fund all additional federal revenues attributable toChapter 22 (§ 58.1-2200 et seq.) of Title 58.1;
2. Beginning with the fiscal year ending June 30, 2000, and for fiscal yearsthereafter, all revenues that exceed the official forecast, pursuant to §2.2-1503, for (i) the Highway Maintenance and Operating Fund and (ii) theallocation to highway and mass transit improvement projects as set forth in §33.1-23.03:2, but not including any amounts that are allocated to theCommonwealth Port Fund and the Commonwealth Airport Fund under such section;
3. All revenues deposited into the Fund pursuant to § 58.1-2531; and
4. Any other such funds as may be transferred, allocated, or appropriated.
All moneys in the Fund shall first be used for debt service payments on bondsor obligations for which the Fund is expressly required for making debtservice payments, to the extent needed. The Fund shall be considered a partof the Transportation Trust Fund. Any moneys remaining in the Fund, includinginterest thereon, at the end of each fiscal year shall not revert to thegeneral fund but shall remain in the Fund. Moneys in the Fund shall be usedsolely for the purposes enumerated in subsection B of this section.Expenditures and disbursements from the Fund shall be made by the StateTreasurer on warrants issued by the Comptroller.
B. The Commonwealth Transportation Board shall use the Fund to facilitate thefinancing of priority transportation projects throughout the Commonwealth.The Board may use the Fund either (i) by expending amounts therein on suchprojects directly, (ii) by payment to any authority, locality, commission orother entity for the purpose of paying the costs thereof, or (iii) by usingsuch amounts to support, secure, or leverage financing for such projects. Noexpenditures from or other use of amounts in the Fund shall be considered inallocating highway maintenance and construction funds under § 33.1-23.1 orapportioning Transportation Trust Fund funds under § 58.1-638, but shall bein addition thereto. The Board shall use the Fund to facilitate the financingof priority transportation projects as designated by the General Assembly;provided, however, that, at the discretion of the Commonwealth TransportationBoard, funds allocated to projects within a transportation district may beallocated among projects within the same transportation district as needed tomeet construction cash-flow needs.
C. Notwithstanding any other provision of this section, beginning July 1,2007, no bonds, obligations, or other evidences of debt (the bonds) thatexpressly require as a source for debt service payments or for the repaymentof such bonds the revenues of the Fund, shall be issued or entered intounless at the time of the issuance the revenues then in the Fund orreasonably anticipated to be deposited into the Fund pursuant to the law thenin effect are by themselves sufficient to make 100% of the contractuallyrequired debt service payments on all such bonds, including any interestrelated thereto and the retirement of such bonds.
(2000, cc. 1019, 1044; 2007, c. 896.)