Source: https://law.lis.virginia.gov/vacode/title33.2/chapter23/section33.2-2301/
Timestamp: 2020-02-25 22:14:49
Document Index: 292481412

Matched Legal Cases: ['§ 33', '§ 33', '§ 33', '§ 58', '§ 33', '§ 33']

§ 33.2-2301. U.S. Route 58 Corridor Development Program
Table of Contents » Title 33.2. Highways and Other Surface Transportation Systems » Subtitle IV. Local and Regional Transportation » Chapter 23. U.S. Route 58 Corridor Development Fund and Program » § 33.2-2301. U.S. Route 58 Corridor Development Program
Chapter 23. U.S. Route 58 Corridor Development Fund and Program
§ 33.2-2301. U.S. Route 58 Corridor Development Program.
B. Allocations from the Fund shall be made annually by the Commonwealth Transportation Board for the creation and enhancement of a safe, efficient highway system connecting the communities, businesses, places of employment, and residents of the southwestern-most portion of the Commonwealth to the communities, businesses, places of employment, and residents of the southeastern-most portion of the Commonwealth, thereby enhancing the economic development potential, employment opportunities, mobility, and quality along such highway.
C. Allocations from the Fund shall not diminish or replace allocations made or planned to be made from other sources or diminish allocations to which any highway, project, facility, district, system, or locality would be entitled under other provisions of this title, but shall be supplemental to other allocations to the end that highway resource improvements in the U.S. Route 58 Corridor may be accelerated and augmented. Notwithstanding any contrary provisions of this title, allocations from the Fund may be applied to highway projects in the Interstate System, primary or secondary state highway system, or urban highway system. Allocations under this subsection shall not be limited to projects involving only existing U.S. Route 58 but may be made to projects involving other highways, provided that the broader goal of creation of an adequate modern highway system generally along Virginia's southern boundary is served thereby.
G. Forty million dollars shall be transferred annually to the Fund with the first such transfer to be made on July 1, 1990, or as soon thereafter as reasonably practicable. Such transfer shall be made by the issuance of a treasury loan at no interest in the amount of $40 million to the Fund to ensure that the Fund is fully funded on the first day of the fiscal year. Such treasury loan shall be repaid from the Commonwealth's portion of the state recordation tax imposed by Chapter 8 (§ 58.1-800 et seq.) of Title 58.1 designated for the Fund by § 33.2-2300. For each fiscal year following July 1, 1990, the Secretary of Finance is authorized to make additional treasury loans in the amount of $40 million on July 1 of such fiscal years, and such treasury loans shall be repaid in a like manner as provided in this subsection.
1989, c. 286, § 33.1-221.1:2; 2003, c. 302; 2014, c. 805.