dcrodriguez/Code-of-Virginia huggingface dataset:
Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 15 (Transportation Funding)
§ 33.2-1509.1. Moratorium on repayment of funds allocated for access roads program.
Notwithstanding a resolution adopted by a locality or surety bond issued by a locality guaranteeing repayment within five years of an allocation by the Commonwealth Transportation Board, no locality that has been allocated funds for a bonded project by the Commonwealth Transportation Board pursuant to § 33.2-1509 shall repay such funds within a 48-month period beginning on March 16, 2017, provided that all of the other conditions of the Commonwealth Transportation Board's economic development access policy are met.

2017, cc. 531, 558.
Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 15 (Transportation Funding)
§ 33.2-1511. Definitions.
As used in this article, unless the context requires a different meaning:

"Federal highway reimbursements" means all federal-aid highway construction reimbursements and any other federal highway assistance received from time to time by the Commonwealth under or in accordance with Title 23 of the United States Code or any successor program established under federal law from the Federal Highway Administration and any successor or additional federal agencies.

"GARVEE," a grant anticipation revenue vehicle, means an "eligible debt financing instrument" as defined under 23 U.S.C. § 122, the principal of and interest on which and certain other costs associated therewith may be reimbursed by federal highway reimbursements.

"Notes" means those notes authorized and issued pursuant to § 33.2-1512.

"Project-specific reimbursements" means the federal highway reimbursements received by the Commonwealth only with respect to the project or projects to be financed by the Notes or any series thereof.

"Series" means any grouping of Notes issued as designated as such by the Board as necessary or desirable for administrative convenience, satisfaction of federal tax or securities law requirements, or any similar purpose.

2011, cc. 830, 868, § 33.1-23.14; 2014, c. 805.

Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 15 (Transportation Funding)
§ 33.2-1512. Authorization of Notes.
The Board is hereby authorized, by and with the consent of the Governor, to issue, pursuant to the provisions of the Transportation Development and Revenue Bond Act (§ 33.2-1700 et seq.), in one or more series revenue obligations of the Commonwealth to be designated "Commonwealth of Virginia Federal Transportation Grant Anticipation Revenue Notes, Series _____ _____" (the Notes), provided that the aggregate principal amount outstanding at any time shall not exceed the amount authorized pursuant to the second enactments of Chapters 1019 and 1044 of the Acts of Assembly of 2000, as amended by Chapter 655 of the Acts of Assembly of 2005, less any principal amounts outstanding from revenue obligations issued pursuant to those enactments prior to July 1, 2011, and exclusive of (i) the amount of any revenue obligations that may be issued to refund Notes issued under this article or the revenue obligations issued under those enactments in accordance with § 33.2-1727 and (ii) any amounts issued for financing expenses (including any original issue discount).

2011, cc. 830, 868, § 33.1-23.15; 2014, c. 805.
Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 15 (Transportation Funding)
§ 33.2-1513. Use of proceeds of Notes.
A. The net proceeds of the Notes shall be used exclusively for the purpose of providing funds, together with any other available funds, for paying the costs incurred or to be incurred for construction or funding of such projects to be designated by the Board.

B. The proceeds of Notes, including any premium received on the sale thereof, shall be made available by the Board to pay costs of the projects and, where appropriate, may be paid to any authority, locality, commission, or other entity for the purposes of paying for costs of the projects. The proceeds of Notes may be used together with any federal, local, or private funds that may be made available for such purpose. The proceeds of Notes, together with any investment earnings thereon, may at the discretion of the Board secure the payment of principal or purchase price of and redemption premium, if any, and interest on Notes.

2011, cc. 830, 868, § 33.1-23.16; 2014, c. 805.
Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 15 (Transportation Funding)
§ 33.2-1514. Details of Notes.
A. The terms and structure of each issue of Notes shall be determined by the Board, subject to approval by the Treasury Board if required in accordance with § 2.2-2416. The Notes of each issue shall be dated; shall be issued in a principal amount (subject to the limitation as to amount outstanding at any one time set forth in § 33.2-1512); shall bear interest at such rate or rates that may be fixed, adjustable, variable, or a combination thereof, and may be determined by a formula or other method; shall mature at such time or times not exceeding 20 years after the issuance thereof; and may be made subject to purchase or redemption before their maturity or maturities, at such price or prices and under such terms and conditions, all as may be determined by the Board. The Board shall determine the form and series designations of Notes, whether Notes are certificated or uncertificated, and fix the authorized denomination or denominations of Notes and the place or places of payment of principal or purchase price of, and redemption premium, if any, and interest on, Notes, which may be at the office of the State Treasurer or any bank or trust company within or outside of the Commonwealth. The principal or purchase price of, and redemption premium, if any, and interest on, Notes shall be made payable in lawful money of the United States of America. Each issue of Notes may be issued under a system of book entry for recording the ownership and transfer of ownership of rights to receive payments of principal or purchase price of and redemption premium, if any, and interest on such Notes. All Notes shall have and are hereby declared to have, as between successive holders, all the qualities and incidents of negotiable instruments under the negotiable instruments law of the Commonwealth.

B. The Board may sell Notes from time to time at public or private sale, by competitive bidding, negotiated sale, or private placement, for such price or prices as it may determine to be in the best interests of the Commonwealth.

2011, cc. 830, 868, § 33.1-23.17; 2014, c. 805.
Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 15 (Transportation Funding)
§ 33.2-1515. Form and manner of execution; signature of person ceasing to be officer.
The Notes shall be signed on behalf of the Board by the chairman or vice-chairman of the Board, or shall bear the facsimile signature of such officer, and shall bear the official seal of the Board, which shall be attested by the manual or facsimile signature of the secretary or assistant secretary of the Board. In the event that Notes shall bear the facsimile signature of the chairman or vice-chairman of the Board, such Notes shall be signed by such administrative assistant as the chairman of the Board shall determine or by any registrar/paying agent that may be designated by the Board. In case any officer whose signature or a facsimile of whose signature appears on any Notes shall cease to be such officer before the delivery of such Notes, such signature or facsimile signature nevertheless shall be valid and sufficient for all purposes as if such officer had remained in office until such delivery.

2011, cc. 830, 868, § 33.1-23.18; 2014, c. 805.

Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 15 (Transportation Funding)
§ 33.2-1516. Authority to obtain GARVEE approval.
The Board is authorized to seek any necessary approvals for the issuance of Notes as GARVEEs from the Federal Highway Administration and any successor or additional federal agencies.

2011, cc. 830, 868, § 33.1-23.19; 2014, c. 805.

Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 15 (Transportation Funding)
§ 33.2-1517. Expenses.
All expenses incurred under this article or in connection with issuance of Notes shall be paid from the proceeds of such Notes or from any available funds as the Board shall determine.

2011, cc. 830, 868, § 33.1-23.20; 2014, c. 805.

Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 15 (Transportation Funding)
§ 33.2-1518. Deposit of proceeds.
The proceeds of each series of Notes shall be placed by the State Treasurer in a special fund in the state treasury or may be placed with a trustee in accordance with § 33.2-1716 and shall be disbursed only for the purpose for which such series is issued.

2011, cc. 830, 868, § 33.1-23.21; 2014, c. 805.
Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 15 (Transportation Funding)
§ 33.2-1519. Other funds.
The Board is hereby authorized to receive any other funds that may be made available to pay costs of the projects and, subject to appropriation by the General Assembly or allocation or designation by the Board, to make available the same to the payment of the principal or purchase price of, and redemption premium, if any, and interest on Notes authorized hereby and to enter into the appropriate agreements to allow for those funds to be paid into the state treasury, or to a trustee in accordance with § 33.2-1716 to pay a part of the costs of the projects or to pay principal or purchase price of, and redemption premium, if any, and interest on Notes.

2011, cc. 830, 868, § 33.1-23.22; 2014, c. 805.

Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 15 (Transportation Funding)
§ 33.2-1520. Application of project-specific reimbursements.
A. In accordance with Article X, Section 7 of the Constitution of Virginia and § 2.2-1802, all federal highway reimbursements are paid into the state treasury. In connection with each series of Notes issued pursuant to this article, the Board shall establish a fund in accordance with § 33.2-1720 either in the state treasury or with a trustee in accordance with § 33.2-1716, which secures and is used for the payment of such series of Notes to the credit of which there shall be deposited such amounts, appropriated therefor by the General Assembly, as are required to pay principal or purchase price of and redemption premium, if any, and interest on Notes, as and when due and payable, (i) first from the project-specific reimbursements; (ii) then, at the discretion of the Board, to the extent required, from legally available revenues of the Transportation Trust Fund; and (iii) then from such other funds, if any, that are designated by the General Assembly for such purpose.

B. The Board is authorized to provide that the pledge of federal highway reimbursements and any other federal highway assistance received for all or any series of the Notes will be subordinate to any prior pledge thereof to notes issued pursuant to subdivision 8 of § 33.2-1701 and the second enactments of Chapters 1019 and 1044 of the Acts of Assembly of 2000, as amended, and that the obligation to make transfers of federal highway reimbursements and any other federal highway assistance received or other amounts into any fund established under subsection A will be subordinate to the obligation to make any required payments or deposits on or with respect to notes issued pursuant to subdivision 8 of § 33.2-1701 and the second enactments of Chapters 1019 and 1044 of the Acts of Assembly of 2000, as amended.

2011, cc. 830, 868, § 33.1-23.23; 2014, c. 805.
Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 15 (Transportation Funding)
§ 33.2-1521. Investment of proceeds and other amounts.
Notes proceeds and moneys in any reserve funds and sinking funds in respect of Notes shall be invested by the State Treasurer in accordance with the provisions of general law relating to the investment of such funds belonging to or in the control of the Commonwealth or by a trustee in accordance with § 33.2-1716.

2011, cc. 830, 868, § 33.1-23.24; 2014, c. 805.

Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 15 (Transportation Funding)
§ 33.2-1522. Exemption from taxation.
The interest income from and any profit made on the sale of the Notes issued under the provisions of this article shall at all times be free and exempt from taxation by the Commonwealth and by any municipality, county, or other political subdivision thereof.

2011, cc. 830, 868, § 33.1-23.25; 2014, c. 805.

Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 15 (Transportation Funding)
§ 33.2-1523. Notes as eligible securities.
All Notes issued under the provisions of this article are hereby made securities in which all persons and entities listed in § 33.2-1713 may properly and legally invest funds under their control.

2011, cc. 830, 868, § 33.1-23.26; 2014, c. 805.
Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 15 (Transportation Funding)
§ 33.2-1524.1. Transportation Trust Fund.
There is hereby created in the Department of Treasury a special nonreverting fund to be known as the Transportation Trust Fund, consisting of funds distributed from the Commonwealth Transportation Fund pursuant to § 33.2-1524. The revenues deposited pursuant to subdivision B 1 of § 33.2-1524 shall be distributed during the year to result in the following:

1. For construction programs pursuant to § 33.2-358, 53 percent;

2. To the Commonwealth Mass Transit Fund established pursuant to § 33.2-1526, 23 percent;

3. To the Commonwealth Rail Fund established pursuant to § 33.2-1526.4, 7.5 percent;

4. To the Commonwealth Port Fund established pursuant to § 33.2-1526.5, 2.5 percent;

5. To the Commonwealth Aviation Fund established pursuant to § 33.2-1526.6, 1.5 percent;

6. To the Commonwealth Space Flight Fund established pursuant to § 33.2-1526.7, one percent;

7. To the Priority Transportation Fund established pursuant to § 33.2-1527, 10.5 percent; and

8. To a special fund within the Commonwealth Transportation Fund in the state treasury, one percent to be used to meet the necessary expenses of the Department of Motor Vehicles.

2020, cc. 1230, 1275.
Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 15 (Transportation Funding)
§ 33.2-1525. Administration of Transportation Trust Fund.
A. The Transportation Trust Fund shall be established on the books of the Comptroller so as to segregate the amounts appropriated to the Transportation Trust Fund and the amounts earned or accumulated by such Transportation Trust Fund. No portion of the Transportation Trust Fund shall be used for a purpose other than as provided in this section. Any moneys remaining in the Transportation Trust Fund at the end of a biennium shall not revert to the general fund but shall remain in the Transportation Trust Fund to be used for the purposes set forth in §§ 33.2-1524, 33.2-1526, and 33.2-1529 and shall accumulate interest and dividends throughout the existence of the Transportation Trust Fund. Whenever in the Board's opinion there are moneys in the Transportation Trust Fund in excess of the amount required to meet the current needs and demands of the transportation program, the Board may invest such excess funds in securities that, in its judgment, will be readily convertible into money. Such securities may include debentures and other government and corporate obligations; common and preferred stocks limited to 30 percent of total trust funds investments based on cost; "prime quality" commercial paper, as defined and limited by § 2.2-4502; bankers' acceptances; bonds; money market funds; and overnight, term, and open repurchase agreements. The investment of moneys held in the Transportation Trust Fund shall be administered by the state treasury under guidelines adopted by the Board pursuant to this section.

The Treasurer may, at his option, manage such moneys or hire professional outside investment counsel to manage part or all of such moneys.

The selection of services related to the management, purchase, or sale of authorized investments shall be governed by the standard provided in this section and shall not be subject to the provisions of Chapter 43 (§ 2.2-4300 et seq.) of Title 2.2.

B. When investments are made in accordance with this section, no member of the Board, Northern Virginia Transportation Authority, Central Virginia Transportation Authority, or Hampton Roads Transportation Accountability Commission; employee of the Board, Northern Virginia Transportation Authority, Central Virginia Transportation Authority, Hampton Roads Transportation Accountability Commission, Department of Transportation, or Department of Rail and Public Transportation; or treasury official shall be personally liable for any loss therefrom in the absence of negligence, malfeasance, misfeasance, or nonfeasance. Such limitation on personal liability shall extend to an individual's actions taken while serving on or employed by such entities, even if such individual no longer serves on or is employed by any such entity.

1986, Sp. Sess., c. 13, §§ 33.1-23.03:5, 33.1-23.03:7; 2013, cc. 585, 646; 2014, c. 805; 2016, cc. 603, 608; 2025, cc. 455, 471.
Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 15 (Transportation Funding)
§ 33.2-1526. Commonwealth Mass Transit Fund.
A. There is hereby created in the State Treasury a special nonreverting fund that shall be a part of the Transportation Trust Fund and shall be known as the Commonwealth Mass Transit Fund (the Fund). The Fund shall be established on the books of the Comptroller and any funds remaining in the Fund at the end of the biennium shall not revert to the general fund but shall remain in the Fund. Interest earned on such funds shall be credited to the Fund.

B. The amounts allocated to the Fund pursuant to § 33.2-1526.1 shall be used to support the operating, capital, and administrative costs of public transportation at a state share determined by the Board, and such amounts may be used to support the capital project costs of public transportation and ridesharing equipment, facilities, and associated costs at a state share determined by the Board. Capital costs may include debt service payments on local or agency transit bonds.

1986, Sp. Sess., c. 13, § 33.1-23.03:2; 1998, cc. 905, 907; 2012, cc. 779, 817; 2014, c. 805; 2015, c. 684; 2016, cc. 299, 345; 2020, cc. 1230, 1275.
Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 15 (Transportation Funding)
§ 33.2-1526.2. Commonwealth Transit Capital Fund.
A. There is hereby created in the Department of the Treasury a special nonreverting fund known as the Commonwealth Transit Capital Fund. The Commonwealth Transit Capital Fund shall be a subaccount of the Commonwealth Mass Transit Fund.

B. The Commonwealth Transit Capital Fund subaccount shall be established on the books of the Comptroller and consist of such moneys as are appropriated to it by the General Assembly and of all donations, gifts, bequests, grants, endowments, and other moneys given, bequeathed, granted, or otherwise made available to the Commonwealth Transit Capital Fund. Any funds remaining in the Commonwealth Transit Capital Fund at the end of the biennium shall not revert to the general fund, but shall remain in the Commonwealth Transit Capital Fund. Interest earned on funds within the Commonwealth Transit Capital Fund shall remain in and be credited to the Commonwealth Transit Capital Fund.

C. Proceeds of the Commonwealth Transit Capital Fund may be paid to any political subdivision, another public entity created by an act of the General Assembly, or a private entity as defined in § 33.2-1800 and for purposes as enumerated in subdivision 7 of § 33.2-1701 or expended by the Department of Rail and Public Transportation for the purposes specified in this subsection. Revenues of the Commonwealth Transit Capital Fund shall be used to support capital expenditures involving the establishment, improvement, or expansion of public transportation services through specific projects approved by the Commonwealth Transportation Board.

D. The Commonwealth Transit Capital Fund shall not be allocated without requiring a local match from the recipient.

2020, cc. 1230, 1275.
Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 15 (Transportation Funding)
§ 33.2-1526.4. Commonwealth Rail Fund.
A. The General Assembly declares it to be in the public interest that developing and continuing intercity passenger and freight rail operations and the development of rail infrastructure, rolling stock, and support facilities to support intercity passenger and freight rail service are important elements of a balanced transportation system in the Commonwealth and further declares it to be in the public interest that the retention, maintenance, improvement, and development of intercity passenger and freight rail-related infrastructure improvements and operations are essential to the Commonwealth's continued economic growth, vitality, and competitiveness in national and world markets.

B. There is hereby established in the state treasury a special nonreverting fund to be known as the Commonwealth Rail Fund (the Fund). The Fund shall be established on the books of the Comptroller and shall consist of funds dedicated pursuant to subdivision 3 of § 33.2-1524.1. Interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. Moneys in the Fund shall be used solely as provided in this section.

C. The amounts dedicated to the Fund pursuant to § 33.2-1524.1 shall be deposited monthly into the Fund. Thereafter, 93 percent shall be distributed to the Virginia Passenger Rail Authority as soon as practicable for use in accordance with the provisions of Article 6 (§ 33.2-287 et seq.) of Chapter 2. The remaining seven percent shall remain in the Fund for the Department of Rail and Public Transportation for planning purposes and for grants for rail projects not administered by the Virginia Passenger Rail Authority. The Department of Rail and Public Transportation may use up to 50 percent of its share of the moneys in the Fund for the purposes of the Shortline Railway Preservation and Development Fund created pursuant to § 33.2-1602.

2020, cc. 1230, 1275; 2025, cc. 4, 24.
Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 15 (Transportation Funding)
§ 33.2-1526.5. Commonwealth Port Fund.
A. There is hereby created in the Department of the Treasury a special nonreverting fund that shall be a part of the Transportation Trust Fund and shall be known as the Commonwealth Port Fund (the Fund).

B. The Fund shall be established on the books of the Comptroller and the funds remaining in such Fund at the end of a biennium shall not revert to the general fund but shall remain in the Fund. Interest earned on such funds shall remain in the Fund and be credited to it. Funds may be paid to any authority, locality, or commission for the purposes hereinafter specified.

C. The amounts allocated pursuant to this section shall be allocated by the Board to the Board of Commissioners of the Virginia Port Authority to be used to support port capital needs and the preservation of existing capital needs of all ocean, river, or tributary ports within the Commonwealth. Expenditures for such capital needs are restricted to those capital projects specified in subsection B of § 62.1-132.1.

D. Fund revenue shall be allocated by the Board of Commissioners to the Virginia Port Authority in order to foster and stimulate the flow of maritime commerce through the ports of Virginia, including but not limited to the ports of Richmond, Hopewell, and Alexandria.

2020, cc. 1230, 1275.
Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 15 (Transportation Funding)
§ 33.2-1526.6. Commonwealth Aviation Fund.
A. There is hereby created in the Department of the Treasury a special nonreverting fund that shall be part of the Transportation Trust Fund and shall be known as the Commonwealth Aviation Fund (the Fund). The Fund shall be established on the books of the Comptroller and any funds remaining in the Fund at the end of a biennium shall not revert to the general fund but shall remain in the Fund. Interest earned on the funds shall be credited to the Fund. The funds shall be allocated by the Board to the Virginia Aviation Board, to be allocated by the Virginia Aviation Board to any Virginia airport that is owned by the Commonwealth, a governmental subdivision thereof, or a private entity to which the public has access for the purposes enumerated in § 5.1-2.16, or is owned or leased by the Metropolitan Washington Airports Authority (MWAA), as set forth in subsection B:

B. Any new funds in excess of $12.1 million that are available for allocation by the Virginia Aviation Board shall be allocated as follows: 40 percent to air carrier airports as provided in subdivision 1 and 60 percent to MWAA, up to a maximum annual amount of $2 million. Except for adjustments due to changes in enplaned passengers, no air carrier airport sponsor, excluding MWAA, shall receive less funds identified under subdivision 1 than it received in fiscal year 1994—1995.

Of the remaining amount:

1. Forty percent of the funds shall be allocated to air carrier airports that are not airports owned or leased by MWAA, based upon the percentage of enplanements for each airport to total enplanements at all air carrier airports that are not airports owned or leased by MWAA. No air carrier airport sponsor shall receive less than $50,000 nor more than $2 million per year from this provision.

2. Sixty percent of the funds shall be allocated as follows:

a. For the first six months of each fiscal year, the funds shall be allocated as follows:

(1) Forty percent of the funds shall be allocated by the Virginia Aviation Board for air carrier and reliever airports on a discretionary basis, except airports owned or leased by MWAA; and

(2) Twenty percent of the funds shall be allocated by the Virginia Aviation Board for general aviation airports on a discretionary basis; and

b. For the second six months of each fiscal year, all remaining funds shall be allocated by the Virginia Aviation Board for all eligible airports on a discretionary basis, except airports owned or leased by MWAA.

2020, cc. 1230, 1275.
Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 15 (Transportation Funding)
§ 33.2-1526.7. Commonwealth Space Flight Fund.
A. There is hereby created in the Department of the Treasury a special nonreverting fund that shall be a part of the Commonwealth Transportation Fund and shall be known as the Commonwealth Space Flight Fund (the Fund). The Fund shall be established on the books of the Comptroller and the funds remaining in such Fund at the end of a biennium shall not revert to the general fund but shall remain in the Fund. Interest earned on such funds shall remain in the Fund and be credited to it.

B. The amounts allocated to the Commonwealth Space Flight Fund pursuant to § 33.2-1524.1 shall be allocated by the Board to the Board of Directors of the Virginia Commercial Space Flight Authority to be used to support the capital needs, maintenance, and operating costs of any and all facilities owned and operated by the Virginia Commercial Space Flight Authority.

C. Commonwealth Space Flight Fund revenue shall be allocated by the Board of Directors to the Virginia Commercial Space Flight Authority in order to foster and stimulate the growth of the commercial space flight industry in Virginia.

2020, cc. 1230, 1275.
Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 15 (Transportation Funding)
§ 33.2-1530. Highway Maintenance and Operating Fund.
There is hereby created in the state treasury a special nonreverting fund to be known as the Highway Maintenance and Operating Fund (the Fund). The Fund shall be established on the books of the Comptroller. Any moneys remaining in the Fund at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund.

The Fund shall consist of the following:

1. Revenues allocated pursuant to subdivision B 1 of § 33.2-1524;

2. Revenues generated pursuant to § 33.2-213;

3. Right-of-way use fees pursuant to § 56-484.32;

4. Civil penalties pursuant to §§ 33.2-216, 33.2-1224, 33.2-1229, 46.2-341.20:2, 46.2-1573, 46.2-1573.11, 46.2-1573.23, and 46.2-1573.36;

5. Permit fees as outlined in § 46.2-652.1;

6. Permit fees pursuant to §§ 46.2-1128, 46.2-1140.1, 46.2-1142.1, 46.2-1143, 46.2-1148, and 46.2-1149.1;

7. Applicable portions of emissions inspection fees from on-road emissions inspectors as designated in § 46.2-1182; and

8. Any other funds appropriated by the General Assembly.

In any year in which the Board determines funding in excess of the amount provided pursuant to § 33.2-1524 is necessary for the Special Structure Program pursuant to § 33.2-374, the Board shall allocate moneys from the Fund to the Special Structure Fund established pursuant to § 33.2-1532.

2014, c. 805; 2015, c. 684; 2020, cc. 1230, 1275.

Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 15 (Transportation Funding)
§ 33.2-1531. Innovation and Technology Transportation Fund.
There is hereby created in the state treasury a special nonreverting fund to be known as the Innovation and Technology Transportation Fund, referred to in this section as "the Fund." The Fund shall be established on the books of the Comptroller. The amount allocated to the Fund pursuant to § 33.2-358 and § 33.2-370 and any funds as may be appropriated by the General Assembly shall be paid into the state treasury and credited to the Fund. Interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. Moneys in the Fund shall be used solely for the purposes of funding pilot programs and fully developed initiatives pertaining to high-tech infrastructure improvements. Expenditures and disbursements from the Fund shall be made by the State Treasurer on warrants issued by the Comptroller upon written request signed by the Secretary of Transportation. "High-tech infrastructure improvements" means those projects or programs identified by the Board that reduce congestion, improve mobility, improve safety, provide up-to-date travel data, or improve emergency response. No later than November 30 each year, the Commissioner of Highways shall report in writing to the Governor and General Assembly on the use of moneys in the Fund.

2014, c. 290; 2015, c. 684.
Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 15 (Transportation Funding)
§ 33.2-1532. Special Structure Fund.
A. There is hereby created in the state treasury a special nonreverting fund to be known as the Special Structure Fund, referred to in this section as "the Fund." The Fund shall be established on the books of the Comptroller.

B. The amount allocated to the Fund pursuant to §§ 33.2-1524 and 33.2-1530 and any funds as may be appropriated by the General Assembly shall be paid into the state treasury and credited to the Fund. Interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund.

C. Moneys in the Fund shall be allocated by the Board and used solely for the purposes of funding maintenance, rehabilitation, and replacement of special structures, as defined in § 33.2-374.

2019, cc. 83, 349; 2020, cc. 1230, 1275.
Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 16 (RAIL FUNDS)
§ 33.2-1601. Repealed.
Repealed by Acts 2020, cc. 1230 and 1275, cl. 4.
Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 16 (RAIL FUNDS)
§ 33.2-1603. Repealed.
Repealed by Acts 2020, cc. 1230 and 1275, cl. 4.

Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 16 (RAIL FUNDS)
§ 33.2-1604. Funds for administration of Department of Rail and Public Transportation.
The Commonwealth Transportation Board may annually allocate up to 3.5 percent of the revenues available each year in the funds established pursuant to §§ 33.2-1526.4 and 33.2-1602 to support the costs of project development, project administration, and project compliance incurred by the Department of Rail and Public Transportation in implementing rail, public transportation, and congestion management programs and grants.

2014, cc. 66, 451; 2020, cc. 1230, 1275.
Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 17 (Transportation Development and Revenue Bond Act)
§ 33.2-1702. Acquisition and construction of projects.
The Board shall acquire or construct, under the provisions of this chapter, each of the projects included in the undertaking at the earliest dates deemed by the Board to be feasible for the acquisition or construction of each project and its financing under this chapter.

Code 1950, § 33-230; 1970, c. 322, § 33.1-270; 1986, Sp. Sess., c. 13; 2014, c. 805.

Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 17 (Transportation Development and Revenue Bond Act)
§ 33.2-1703. Purchase of projects.
The Board may acquire by purchase, whenever it deems such purchase expedient, any of the projects set forth in the definition of "project" in § 33.2-1700, upon such terms and at such prices as may be reasonable and can be agreed upon between the Board and the owner thereof, title thereto to be taken in the name of the Commonwealth. The Board shall issue revenue bonds of the Commonwealth as provided in this chapter to pay the cost of such acquisition.

Code 1950, § 33-231; 1970, c. 322, § 33.1-271; 2014, c. 805.
Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 17 (Transportation Development and Revenue Bond Act)
§ 33.2-1704. Condemnation of projects and property.
A. Whenever a reasonable price cannot be agreed upon or whenever the owner is legally incapacitated, absent, unable to convey valid title, or unknown, the Board may acquire by condemnation any project contemplated by § 33.2-1703 or interest therein and any lands, rights, easements, franchises, and other property deemed necessary or convenient for the improvement or the efficient operation of any project acquired or constructed under this chapter, or for the purpose of constructing any project or portion thereof pursuant to this chapter, or for securing a right-of-way leading to any such project or its approaches, in the manner provided in this chapter. Such condemnation proceedings shall be conducted and the compensation to be paid shall be ascertained and paid in the manner provided by law with reference to the condemnation of property by the Board for state highway purposes.

B. Title to any property condemned by the Board shall be taken in the name of the Commonwealth. The Commonwealth shall be under no obligation to accept and pay for any property condemned or any cost incidental to any condemnation proceedings and shall not pay for the same except from the funds provided by this chapter; and in any condemnation proceedings, the court having jurisdiction of the suit, action, or proceeding may make such orders as may be just to the Commonwealth and to the owners of the property to be condemned and may require an undertaking or other security to secure such owners against any loss or damage to be sustained by reason of the failure of the Commonwealth to accept and pay for the property, but such undertaking or security shall impose no liability upon the Commonwealth, except such as may be paid from the funds provided under the authority of this chapter, provided that condemnation shall not lie in any case when the Commonwealth, in granting a franchise to any project named in this chapter, has stipulated the terms upon which it may acquire such project.

Code 1950, § 33-232; 1970, c. 322, § 33.1-272; 1991, cc. 666, 713; 1993, c. 793; 2014, c. 805.

Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 17 (Transportation Development and Revenue Bond Act)
§ 33.2-1705. Improvement of projects acquired.
The Board, at or before the time any such project is acquired by purchase or by condemnation, shall determine what repairs, replacements, additions, or betterments will be necessary to place the project in safe and efficient condition for the use of the public and shall cause an estimate of the cost of such improvement to be made. The Board shall authorize such improvements before the sale of any revenue bonds for the acquisition of such project, and the cost of such improvements shall be paid for out of the proceeds of such bonds.

Code 1950, § 33-233; 1970, c. 322, § 33.1-273; 2014, c. 805.
Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 17 (Transportation Development and Revenue Bond Act)
§ 33.2-1706. Construction of projects.
The Board may construct, whenever it deems such construction expedient, any of the projects set forth in the definition of "project" in § 33.2-1700. The Board may purchase within the Commonwealth, solely from funds provided under the authority of this chapter, such lands, structures, rights-of-way, franchises, easements, and other interests in lands, including lands under water and riparian rights of any person, partnership, association, railroad or other corporation, or municipality or political subdivision, deemed necessary for the construction of any project, upon such terms and at such prices as may be considered by it to be reasonable and can be agreed upon between it and the owner thereof and may take title thereto in the name of the Commonwealth. The Commonwealth hereby consents to the use of all lands lying under water that are within the Commonwealth and are necessary for the construction and operation of any project and the approaches and appurtenances thereto that may be constructed under the provisions of this chapter. All public or private property damaged or destroyed in carrying out the powers granted hereunder shall be restored or repaired and placed in the original condition, as nearly as practicable, or adequate compensation made therefor, out of funds provided under the authority of this chapter.

Code 1950, § 33-234; 1950, p. 147; 1962, c. 273; 1970, c. 322, § 33.1-274; 2014, c. 805.

Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 17 (Transportation Development and Revenue Bond Act)
§ 33.2-1707. Highway connections.
Upon the letting of a contract for the construction of a project under the provisions of this chapter, the Board shall proceed with the construction of any highways that may be necessary to connect the project with state highways in the Commonwealth and to complete the construction of the connecting highways on or before the date the project is opened for traffic.

Code 1950, § 33-235; 1970, c. 322, § 33.1-275; 2014, c. 805.
Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 17 (Transportation Development and Revenue Bond Act)
§ 33.2-1708. Revenue bonds.
The Board may provide by resolution, at one time or from time to time, for the issuance of revenue bonds, notes, or other revenue obligations of the Commonwealth for the purpose of paying all or any part of the cost, as defined in § 33.2-1700, of any one or more projects, as defined in § 33.2-1700. The principal or purchase price of, and redemption premium, if any, and interest on such obligations shall be payable solely from the special funds herein provided for such payment. For the purposes of this section, "special funds" includes any funds established for Commonwealth of Virginia Toll Revenue Bonds, Commonwealth of Virginia Transportation Contract Revenue Bonds, Commonwealth of Virginia Transportation Revenue Bonds, Commonwealth of Virginia Interstate 81 Program Revenue Bonds, Commonwealth of Virginia Federal Highway Reimbursement Anticipation Notes, or Commonwealth of Virginia Federal Transportation Grant Anticipation Revenue Notes, Commonwealth of Virginia Passenger Rail Facilities Bonds, or Commonwealth of Virginia Special Structures Program Revenue Bonds.

Code 1950, § 33-236; 1970, c. 322, § 33.1-276; 1988, cc. 844, 903; 1989, Sp. Sess., cc. 9, 11; 2000, cc. 1019, 1044; 2011, cc. 830, 868; 2014, c. 805; 2020, cc. 1230, 1275; 2025, c. 327.
Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 17 (Transportation Development and Revenue Bond Act)
§ 33.2-1710. Form and terms of bonds.
The bonds of such issue shall be dated, shall bear interest at such rate or rates, and shall mature at such time or times, not exceeding 40 years from their date or dates, as may be determined by the Board or by formula or method established by resolution of the Board, and may be made redeemable before maturity, at the option of the Board, at such price or prices and under such terms and conditions as may be fixed by the Board prior to the issuance of the bonds. The principal or purchase price of and redemption premium, if any, and interest on such bonds may be made payable in any lawful medium. The payments of principal and interest may be uniform in amount over the life of the bond; however, such uniformity shall not be a prerequisite to the issuance of such bonds. The Board shall determine the form of the bonds, including any interest coupons to be attached thereto, and shall fix the denomination or denominations of the bonds and the place or places of payment of principal and interest thereof, which may be at any bank or trust company within or without the Commonwealth. The bonds shall be signed by the chairman or vice-chairman of the Board, and the official seal of the Board shall be affixed thereto and attested by the secretary or assistant secretary of the Board, and any coupons attached thereto shall bear the facsimile signatures of the chairman or vice-chairman of the Board. When any officer whose signature appears on the bonds or coupons ceases to be such officer before the delivery of such bonds, such signature shall nevertheless be valid and sufficient for all purposes the same as if such officer had remained in office until such delivery. All revenue bonds issued under the provisions of this chapter shall have and are hereby declared to have, as between successive holders, all the qualities and incidents of negotiable instruments under the negotiable instruments law of the Commonwealth. Such bonds and the income thereof shall be exempt from all taxation within the Commonwealth. The bonds may be issued in coupon or in registered form, or both, as the Board may determine, and provision may be made for the registration of any coupon bond as to principal alone and also as to both principal and interest and for the reconversion of any bonds registered as to both principal and interest into coupon bonds. Prior to the preparation of definite bonds, the Board, under like restrictions, may issue temporary bonds with or without coupons, exchangeable for definitive bonds upon the issuance of the latter. The Board may also provide for the replacement of any bond that is mutilated, destroyed, or lost.

Code 1950, § 33-238; 1958, c. 485; 1970, c. 322, § 33.1-278; 1983, c. 245; 1986, Sp. Sess., c. 13; 2000, cc. 1019, 1044; 2014, c. 805.
Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 17 (Transportation Development and Revenue Bond Act)
§ 33.2-1711. No other prerequisites to issue of bonds.
Such revenue bonds may be issued without any other proceedings or the happening of any other conditions or things than those proceedings, conditions, and things that are specified and required by this chapter.

Code 1950, § 33-239; 1970, c. 322, § 33.1-279; 2014, c. 805.

Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 17 (Transportation Development and Revenue Bond Act)
§ 33.2-1712. Limitations and approvals for certain revenue bonds.
No bonds payable from the Transportation Trust Fund revenues under a payment agreement between the Board and the Treasury Board and payable first from revenues of that Fund received pursuant to contracts with a primary highway transportation improvement district or a transportation service district shall be issued unless specifically included in a bill or resolution passed by the General Assembly. The Treasury Board is designated the sales and paying agent of the Board with respect to such bonds.

1986, Sp. Sess., c. 13, § 33.1-279.1; 1988, cc. 844, 903; 2014, c. 805.

Code of Virginia — Title 33.2 (Highways and Other Surface Transportation Systems), Chapter 17 (Transportation Development and Revenue Bond Act)
§ 33.2-1713. Sale of bonds; bonds as legal investments.
The Board may sell such bonds in such manner and for such price as it may determine to be for the best interests of the Commonwealth, but no such sale shall be made at a price so low as to require the payment of interest on the money received therefor at more than the maximum annual percentage rate approved by the Commonwealth Treasury Board with respect to such obligations in accordance with § 2.2-2416.

All bonds issued pursuant to the authority of this chapter are hereby made securities in which all public officers and bodies of the Commonwealth and all political subdivisions thereof; all insurance companies and associations, all national banks and trust companies, and all savings institutions, including savings and loan associations, in the Commonwealth; and all executors, administrators, trustees, and other fiduciaries, both individual or corporate, may properly and legally invest funds within their control.

Code 1950, § 33-240; 1952, c. 485; 1958, c. 485; 1970, c. 322, § 33.1-280; 2000, cc. 1019, 1044; 2011, cc. 830, 868; 2014, c. 805.