{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/33.2-1501.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/33.2-1501.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/33.2-1501.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/33.2-1501.html"}],"law_id":62146,"edition_id":1,"section_id":62146,"structure_id":13651,"section_number":"33.2-1501","catch_line":"Definitions","history":"2011, cc. 830, 868, \u00a7 33.1-23.7; 2012, cc. 779, 817; 2014, c. 805; 2015, c. 684.","full_text":"As used in this article, unless the context requires a different meaning:\n\t\t“Bank” means the Virginia Transportation Infrastructure Bank created in \u00a7 33.2-1502.\n\t\t“Cost,” as applied to any project financed under the provisions of this article, means the total of all costs, including the costs of planning, design, right-of-way acquisition, engineering, and construction, incurred by an eligible borrower or other project sponsor as reasonable and necessary for carrying out all works and undertakings necessary or incident to the accomplishment of any project. “Cost” also includes capitalized interest; reasonably required reserve funds; and financing, credit enhancement, and issuance costs.\n\t\t“Credit enhancements” means surety bonds, insurance policies, letters of credit, guarantees, and other forms of collateral or security.\n\t\t“Creditworthiness” means attributes such as revenue stability, debt service coverage, reserves, and other factors commonly considered in assessing the strength of the security for indebtedness.\n\t\t“Eligible borrower” means any (i) private entity; (ii) governmental entity; (iii) instrumentality, corporation, or entity established by any of the foregoing pursuant to \u00a7 33.2-1505; or (iv) combination of two or more of the foregoing.\n\t\t“Finance” and any variation of the term, when used in connection with a cost or a project, includes both the initial financing and any refinancing of the cost or project and any variation of such terms. “Finance” does not include a grant.\n\t\t“Governmental entity” means any (i) locality; (ii) local, regional, state, or federal entity; transportation authority, planning district, commission, or political subdivision created by the General Assembly or pursuant to the Constitution and laws of the Commonwealth; or public transportation entity owned, operated, or controlled by one or more local entities; (iii) entity established by interstate compact; (iv) instrumentality, corporation, or entity established by any of the foregoing pursuant to \u00a7 33.2-1505; or (v) combination of two or more of the foregoing.\n\t\t“Grant” means a transfer of moneys or property that does not impose any obligation or condition on the grantee to repay any amount to the transferor other than in connection with assuring that the transferred moneys or property will be spent or used in accordance with the governmental purpose of the transfer. “Grant” includes direct cash payments made to pay or reimburse all or a portion of interest payments made by a grantee on a debt obligation. As provided in \u00a7\u00a7 33.2-1502 and 33.2-1503, only governmental entities may receive grants of moneys or property held in or for the credit of the Bank.\n\t\t“Loan” means an obligation subject to repayment that is provided by the Bank to an eligible borrower to finance all or a part of the eligible cost of a project incurred by the eligible borrower or other project sponsor. A loan may be disbursed (i) in anticipation of reimbursement (including an advance or draw under a credit enhancement instrument), (ii) as direct payment of eligible costs, or (iii) to redeem or defease a prior obligation incurred by the eligible borrower or other project sponsor to finance the eligible costs of a project.\n\t\t“Management agreement” means the memorandum of understanding or interagency agreement among the manager, the Secretary of Finance, and the Board as authorized under subsection B of \u00a7 33.2-1502.\n\t\t“Manager” means the Virginia Resources Authority serving as the manager, administrator, and trustee of funds disbursed from the Bank in accordance with the provisions of this article and the management agreement.\n\t\t“Other financial assistance” includes capital or debt reserves for bonds or debt instrument financing, provision of letters of credit and other forms of credit enhancement, and other lawful forms of financing and methods of leveraging funds that are approved by the manager.\n\t\t“Private entity” means any private or nongovernmental entity that has executed an interim or comprehensive agreement to develop and construct a transportation infrastructure project pursuant to the Public-Private Transportation Act of 1995 (\u00a7 33.2-1800 et seq.).\n\t\t“Project” means (i) the construction, reconstruction, rehabilitation, or replacement of any interstate, state highway, toll road, tunnel, local street or road, or bridge; (ii) the construction, reconstruction, rehabilitation, or replacement of any (a) mass transit, (b) commuter, passenger, or freight rail, (c) port, (d) airport, or (e) commercial space flight facility; or (iii) the acquisition of any rolling stock, vehicle, or equipment to be used in conjunction with clause (i) or (ii).\n\t\t“Project obligation” means any bond, note, debenture, interim certificate, grant or revenue anticipation note, lease or lease-purchase or installment sales agreement, or credit enhancements issued, incurred, or entered into by an eligible borrower to evidence a loan, or any financing agreements, reimbursement agreements, guarantees, or other evidences of an obligation of an eligible borrower or other project sponsor to pay or guarantee a loan.\n\t\t“Project sponsor” means any private entity or governmental entity that is involved in the planning, design, right-of-way acquisition, engineering, construction, maintenance, or financing of a project.\n\t\t“Reliable repayment source” means any means by which an eligible borrower or other project sponsor generates funds that are dedicated to the purpose of retiring a project obligation.\n\t\t“Substantial project completion” means the opening of a project for vehicular or passenger traffic or the handling of cargo and freight.","order_by":null,"text":{"0":{"id":226723,"text":"As used in this article, unless the context requires a different meaning:\n\t\t“Bank” means the Virginia Transportation Infrastructure Bank created in \u00a7 33.2-1502.\n\t\t“Cost,” as applied to any project financed under the provisions of this article, means the total of all costs, including the costs of planning, design, right-of-way acquisition, engineering, and construction, incurred by an eligible borrower or other project sponsor as reasonable and necessary for carrying out all works and undertakings necessary or incident to the accomplishment of any project. “Cost” also includes capitalized interest; reasonably required reserve funds; and financing, credit enhancement, and issuance costs.\n\t\t“Credit enhancements” means surety bonds, insurance policies, letters of credit, guarantees, and other forms of collateral or security.\n\t\t“Creditworthiness” means attributes such as revenue stability, debt service coverage, reserves, and other factors commonly considered in assessing the strength of the security for indebtedness.\n\t\t“Eligible borrower” means any (i) private entity; (ii) governmental entity; (iii) instrumentality, corporation, or entity established by any of the foregoing pursuant to \u00a7 33.2-1505; or (iv) combination of two or more of the foregoing.\n\t\t“Finance” and any variation of the term, when used in connection with a cost or a project, includes both the initial financing and any refinancing of the cost or project and any variation of such terms. “Finance” does not include a grant.\n\t\t“Governmental entity” means any (i) locality; (ii) local, regional, state, or federal entity; transportation authority, planning district, commission, or political subdivision created by the General Assembly or pursuant to the Constitution and laws of the Commonwealth; or public transportation entity owned, operated, or controlled by one or more local entities; (iii) entity established by interstate compact; (iv) instrumentality, corporation, or entity established by any of the foregoing pursuant to \u00a7 33.2-1505; or (v) combination of two or more of the foregoing.\n\t\t“Grant” means a transfer of moneys or property that does not impose any obligation or condition on the grantee to repay any amount to the transferor other than in connection with assuring that the transferred moneys or property will be spent or used in accordance with the governmental purpose of the transfer. “Grant” includes direct cash payments made to pay or reimburse all or a portion of interest payments made by a grantee on a debt obligation. As provided in \u00a7\u00a7 33.2-1502 and 33.2-1503, only governmental entities may receive grants of moneys or property held in or for the credit of the Bank.\n\t\t“Loan” means an obligation subject to repayment that is provided by the Bank to an eligible borrower to finance all or a part of the eligible cost of a project incurred by the eligible borrower or other project sponsor. A loan may be disbursed (i) in anticipation of reimbursement (including an advance or draw under a credit enhancement instrument), (ii) as direct payment of eligible costs, or (iii) to redeem or defease a prior obligation incurred by the eligible borrower or other project sponsor to finance the eligible costs of a project.\n\t\t“Management agreement” means the memorandum of understanding or interagency agreement among the manager, the Secretary of Finance, and the Board as authorized under subsection B of \u00a7 33.2-1502.\n\t\t“Manager” means the Virginia Resources Authority serving as the manager, administrator, and trustee of funds disbursed from the Bank in accordance with the provisions of this article and the management agreement.\n\t\t“Other financial assistance” includes capital or debt reserves for bonds or debt instrument financing, provision of letters of credit and other forms of credit enhancement, and other lawful forms of financing and methods of leveraging funds that are approved by the manager.\n\t\t“Private entity” means any private or nongovernmental entity that has executed an interim or comprehensive agreement to develop and construct a transportation infrastructure project pursuant to the Public-Private Transportation Act of 1995 (\u00a7 33.2-1800 et seq.).\n\t\t“Project” means (i) the construction, reconstruction, rehabilitation, or replacement of any interstate, state highway, toll road, tunnel, local street or road, or bridge; (ii) the construction, reconstruction, rehabilitation, or replacement of any (a) mass transit, (b) commuter, passenger, or freight rail, (c) port, (d) airport, or (e) commercial space flight facility; or (iii) the acquisition of any rolling stock, vehicle, or equipment to be used in conjunction with clause (i) or (ii).\n\t\t“Project obligation” means any bond, note, debenture, interim certificate, grant or revenue anticipation note, lease or lease-purchase or installment sales agreement, or credit enhancements issued, incurred, or entered into by an eligible borrower to evidence a loan, or any financing agreements, reimbursement agreements, guarantees, or other evidences of an obligation of an eligible borrower or other project sponsor to pay or guarantee a loan.\n\t\t“Project sponsor” means any private entity or governmental entity that is involved in the planning, design, right-of-way acquisition, engineering, construction, maintenance, or financing of a project.\n\t\t“Reliable repayment source” means any means by which an eligible borrower or other project sponsor generates funds that are dedicated to the purpose of retiring a project obligation.\n\t\t“Substantial project completion” means the opening of a project for vehicular or passenger traffic or the handling of cargo and freight.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":13651,"edition_id":1,"name":"Virginia Transportation Infrastructure Bank","identifier":"1","label":"article","depth":4,"order_by":1,"parent_id":13147,"metadata":{},"date_created":"2026-06-26 03:45:28","date_modified":"2026-06-26 03:45:28","permalink":{"id":206487,"object_type":"structure","relational_id":13651,"identifier":"1","token":"33.2\/III\/15\/1","url":"\/33.2\/III\/15\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13147,"edition_id":1,"name":"Transportation Funding","identifier":"15","label":"chapter","depth":3,"order_by":1,"parent_id":13146,"metadata":{},"date_created":"2026-06-26 03:44:21","date_modified":"2026-06-26 03:44:21","permalink":{"id":206485,"object_type":"structure","relational_id":13147,"identifier":"15","token":"33.2\/III\/15","url":"\/33.2\/III\/15\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13146,"edition_id":1,"name":"Transportation Funding and Development","identifier":"III","label":"subtitle","depth":2,"order_by":1,"parent_id":12806,"metadata":{},"date_created":"2026-06-26 03:44:21","date_modified":"2026-06-26 03:44:21","permalink":{"id":206483,"object_type":"structure","relational_id":13146,"identifier":"III","token":"33.2\/III","url":"\/33.2\/III\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12806,"edition_id":1,"name":"Highways and Other Surface Transportation Systems","identifier":"33.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:54","date_modified":"2026-06-26 03:43:54","permalink":{"id":204785,"object_type":"structure","relational_id":12806,"identifier":"33.2","token":"33.2","url":"\/33.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":56384,"structure_id":13651,"section_number":"33.2-1500","catch_line":"Legislative findings and purposes","url":"\/33.2-1500\/","token":"33.2\/III\/15\/1\/33.2-1500","metadata":false},{"id":62146,"structure_id":13651,"section_number":"33.2-1501","catch_line":"Definitions","url":"\/33.2-1501\/","token":"33.2\/III\/15\/1\/33.2-1501","metadata":false},{"id":83639,"structure_id":13651,"section_number":"33.2-1502","catch_line":"Creation of the Virginia Transportation Infrastructure Bank","url":"\/33.2-1502\/","token":"33.2\/III\/15\/1\/33.2-1502","metadata":false},{"id":66089,"structure_id":13651,"section_number":"33.2-1503","catch_line":"Eligibility and project selection","url":"\/33.2-1503\/","token":"33.2\/III\/15\/1\/33.2-1503","metadata":false},{"id":73129,"structure_id":13651,"section_number":"33.2-1504","catch_line":"Grants from the Commonwealth Transportation Board","url":"\/33.2-1504\/","token":"33.2\/III\/15\/1\/33.2-1504","metadata":false},{"id":74721,"structure_id":13651,"section_number":"33.2-1505","catch_line":"Project obligations","url":"\/33.2-1505\/","token":"33.2\/III\/15\/1\/33.2-1505","metadata":false},{"id":71556,"structure_id":13651,"section_number":"33.2-1506","catch_line":"Exemption from taxation; exemption from Virginia Public Procurement Act","url":"\/33.2-1506\/","token":"33.2\/III\/15\/1\/33.2-1506","metadata":false},{"id":54624,"structure_id":13651,"section_number":"33.2-1507","catch_line":" Reporting requirement","url":"\/33.2-1507\/","token":"33.2\/III\/15\/1\/33.2-1507","metadata":false}],"previous_section":{"id":56384,"structure_id":13651,"section_number":"33.2-1500","catch_line":"Legislative findings and purposes","url":"\/33.2-1500\/","token":"33.2\/III\/15\/1\/33.2-1500","metadata":false},"next_section":{"id":83639,"structure_id":13651,"section_number":"33.2-1502","catch_line":"Creation of the Virginia Transportation Infrastructure Bank","url":"\/33.2-1502\/","token":"33.2\/III\/15\/1\/33.2-1502","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/33.2-1501\/","history_text":"

This law was first created in 2011. The record of its establishment is cataloged in chapters 830<\/a> and 868<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 3 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 2012, chapters 779<\/a> and 817<\/a>; in 2014, chapter 805<\/a>; in 2015, chapter 684<\/a>.<\/p>","references":false,"refers_to":[{"id":83639,"section_number":"33.2-1502","catch_line":"Creation of the Virginia Transportation Infrastructure Bank","order_by":null,"url":"\/33.2-1502\/"},{"id":66089,"section_number":"33.2-1503","catch_line":"Eligibility and project selection","order_by":null,"url":"\/33.2-1503\/"},{"id":74721,"section_number":"33.2-1505","catch_line":"Project obligations","order_by":null,"url":"\/33.2-1505\/"},{"id":58174,"section_number":"33.2-1800","catch_line":"Definitions","order_by":null,"url":"\/33.2-1800\/"}],"permalink":{"id":206493,"object_type":"law","relational_id":62146,"identifier":"33.2-1501","token":"33.2\/III\/15\/1\/33.2-1501","url":"\/33.2-1501\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/33.2-1501\/","token":"33.2\/III\/15\/1\/33.2-1501","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 33.2-1501","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this article, unless the context requires a different meaning:\n\t\t“Bank<\/span>” means the Virginia Transportation Infrastructure Bank<\/span> created in \u00a7 33.2-1502<\/a>.\n\t\t“Cost<\/span>,” as applied to any project financed under the provisions of this article, means the total of all costs<\/span>, including the costs<\/span> of planning, design, right-of-way acquisition, engineering, and construction, incurred by an eligible borrower<\/span> or other project sponsor<\/span> as reasonable and necessary for carrying out all works and undertakings necessary or incident to the accomplishment of any project. “Cost<\/span>” also includes capitalized interest; reasonably required reserve funds; and financing, credit enhancement, and issuance costs<\/span>.\n\t\t“Credit enhancements<\/span>” means surety<\/span> bonds<\/span>, insurance policies, letters of credit, guarantees, and other forms of collateral<\/span> or security.\n\t\t“Creditworthiness<\/span>” means attributes such as revenue stability, debt service coverage, reserves, and other factors commonly considered in assessing the strength of the security for indebtedness.\n\t\t“Eligible borrower<\/span>” means any (i) private entity<\/span>; (ii) governmental entity<\/span>; (iii) instrumentality, corporation, or entity established by any of the foregoing pursuant to \u00a7 33.2-1505<\/a>; or (iv) combination of two or more of the foregoing.\n\t\t“Finance<\/span>” and any variation of the term, when used in connection with a cost<\/span> or a project, includes both the initial financing and any refinancing of the cost<\/span> or project and any variation of such terms. “Finance<\/span>” does not include a grant<\/span>.\n\t\t“Governmental entity<\/span>” means any (i) locality; (ii) local, regional, state, or federal entity; transportation authority, planning district, commission, or political subdivision created by the General Assembly or pursuant to the Constitution and laws<\/span> of the Commonwealth; or public transportation<\/span> entity owned, operated, or controlled by one or more local entities; (iii) entity established by interstate compact; (iv) instrumentality, corporation, or entity established by any of the foregoing pursuant to \u00a7 33.2-1505<\/a>; or (v) combination of two or more of the foregoing.\n\t\t“Grant<\/span>” means a transfer of moneys or property that does not impose any obligation or condition on the grantee to repay any amount to the transferor other than in connection with assuring that the transferred moneys or property will be spent or used in accordance with the governmental purpose of the transfer. “Grant<\/span>” includes direct cash payments made to pay or reimburse all or a portion of interest payments made by a grantee on a debt obligation. As provided in \u00a7\u00a7 33.2-1502<\/a> and 33.2-1503<\/a>, only governmental entities may receive grants<\/span> of moneys or property held in or for the credit of the Bank<\/span>.\n\t\t“Loan<\/span>” means an obligation subject to repayment that is provided by the Bank<\/span> to an eligible borrower<\/span> to finance<\/span> all or a part of the eligible cost<\/span> of a project incurred by the eligible borrower<\/span> or other project sponsor<\/span>. A loan<\/span> may be disbursed (i) in anticipation of reimbursement (including an advance or draw under a credit enhancement instrument), (ii) as direct payment of eligible costs<\/span>, or (iii) to redeem or defease a prior obligation incurred by the eligible borrower<\/span> or other project sponsor<\/span> to finance<\/span> the eligible costs<\/span> of a project.\n\t\t“Management agreement<\/span>” means the memorandum<\/span> of understanding or interagency agreement among the manager<\/span>, the Secretary<\/span> of Finance<\/span>, and the Board<\/span> as authorized under subsection B of \u00a7 33.2-1502<\/a>.\n\t\t“Manager<\/span>” means the Virginia Resources Authority serving as the manager<\/span>, administrator, and trustee of funds disbursed from the Bank<\/span> in accordance with the provisions of this article and the management agreement<\/span>.\n\t\t“Other financial assistance<\/span>” includes capital or debt reserves for bonds<\/span> or debt instrument financing, provision of letters of credit and other forms of credit enhancement, and other lawful forms of financing and methods of leveraging funds that are approved by the manager<\/span>.\n\t\t“Private entity<\/span>” means any private or nongovernmental entity that has executed an interim or comprehensive agreement to develop and construct a transportation infrastructure project pursuant to the Public-Private Transportation Act of 1995 (\u00a7 33.2-1800<\/a> et seq.).\n\t\t“Project” means (i) the construction, reconstruction, rehabilitation, or replacement of any interstate, state highway<\/span>, toll road, tunnel, local street or road, or bridge; (ii) the construction, reconstruction, rehabilitation, or replacement of any (a) mass transit<\/span>, (b) commuter, passenger, or freight rail, (c) port, (d) airport, or (e) commercial space flight facility; or (iii) the acquisition of any rolling stock, vehicle, or equipment to be used in conjunction with clause (i) or (ii).\n\t\t“Project obligation<\/span>” means any bond<\/span>, note, debenture, interim certificate, grant<\/span> or revenue anticipation note, lease or lease-purchase or installment sales agreement, or credit enhancements<\/span> issued, incurred, or entered into by an eligible borrower<\/span> to evidence<\/span> a loan<\/span>, or any financing agreements, reimbursement agreements, guarantees, or other evidences<\/span> of an obligation of an eligible borrower<\/span> or other project sponsor<\/span> to pay or guarantee a loan<\/span>.\n\t\t“Project sponsor<\/span>” means any private entity<\/span> or governmental entity<\/span> that is involved in the planning, design, right-of-way acquisition, engineering, construction, maintenance<\/span>, or financing of a project.\n\t\t“Reliable repayment source<\/span>” means any means by which an eligible borrower<\/span> or other project sponsor<\/span> generates funds that are dedicated to the purpose of retiring a project obligation<\/span>.\n\t\t“Substantial project completion<\/span>” means the opening of a project for vehicular or passenger traffic or the handling of cargo and freight.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 33.2-1501)\n\nAs used in this article, unless the context requires a different meaning:\n\t\t“Bank” means the Virginia Transportation Infrastructure Bank\ncreated in \u00a7 33.2-1502.\n\t\t“Cost,” as applied to any project financed under the provisions of\nthis article, means the total of all costs, including the costs of planning,\ndesign, right-of-way acquisition, engineering, and construction, incurred by an\neligible borrower or other project sponsor as reasonable and necessary for\ncarrying out all works and undertakings necessary or incident to the\naccomplishment of any project. “Cost” also includes capitalized\ninterest; reasonably required reserve funds; and financing, credit enhancement,\nand issuance costs.\n\t\t“Credit enhancements” means surety bonds, insurance policies,\nletters of credit, guarantees, and other forms of collateral or security.\n\t\t“Creditworthiness” means attributes such as revenue stability,\ndebt service coverage, reserves, and other factors commonly considered in\nassessing the strength of the security for indebtedness.\n\t\t“Eligible borrower” means any (i) private entity; (ii)\ngovernmental entity; (iii) instrumentality, corporation, or entity established\nby any of the foregoing pursuant to \u00a7 33.2-1505; or (iv) combination of two or\nmore of the foregoing.\n\t\t“Finance” and any variation of the term, when used in connection\nwith a cost or a project, includes both the initial financing and any\nrefinancing of the cost or project and any variation of such terms.\n“Finance” does not include a grant.\n\t\t“Governmental entity” means any (i) locality; (ii) local,\nregional, state, or federal entity; transportation authority, planning district,\ncommission, or political subdivision created by the General Assembly or pursuant\nto the Constitution and laws of the Commonwealth; or public transportation\nentity owned, operated, or controlled by one or more local entities; (iii)\nentity established by interstate compact; (iv) instrumentality, corporation, or\nentity established by any of the foregoing pursuant to \u00a7 33.2-1505; or (v)\ncombination of two or more of the foregoing.\n\t\t“Grant” means a transfer of moneys or property that does not\nimpose any obligation or condition on the grantee to repay any amount to the\ntransferor other than in connection with assuring that the transferred moneys or\nproperty will be spent or used in accordance with the governmental purpose of\nthe transfer. “Grant” includes direct cash payments made to pay or\nreimburse all or a portion of interest payments made by a grantee on a debt\nobligation. As provided in \u00a7\u00a7 33.2-1502 and 33.2-1503, only governmental\nentities may receive grants of moneys or property held in or for the credit of\nthe Bank.\n\t\t“Loan” means an obligation subject to repayment that is provided\nby the Bank to an eligible borrower to finance all or a part of the eligible\ncost of a project incurred by the eligible borrower or other project sponsor. A\nloan may be disbursed (i) in anticipation of reimbursement (including an advance\nor draw under a credit enhancement instrument), (ii) as direct payment of\neligible costs, or (iii) to redeem or defease a prior obligation incurred by the\neligible borrower or other project sponsor to finance the eligible costs of a\nproject.\n\t\t“Management agreement” means the memorandum of understanding or\ninteragency agreement among the manager, the Secretary of Finance, and the Board\nas authorized under subsection B of \u00a7 33.2-1502.\n\t\t“Manager” means the Virginia Resources Authority serving as the\nmanager, administrator, and trustee of funds disbursed from the Bank in\naccordance with the provisions of this article and the management agreement.\n\t\t“Other financial assistance” includes capital or debt reserves for\nbonds or debt instrument financing, provision of letters of credit and other\nforms of credit enhancement, and other lawful forms of financing and methods of\nleveraging funds that are approved by the manager.\n\t\t“Private entity” means any private or nongovernmental entity that\nhas executed an interim or comprehensive agreement to develop and construct a\ntransportation infrastructure project pursuant to the Public-Private\nTransportation Act of 1995 (\u00a7 33.2-1800 et seq.).\n\t\t“Project” means (i) the construction, reconstruction,\nrehabilitation, or replacement of any interstate, state highway, toll road,\ntunnel, local street or road, or bridge; (ii) the construction, reconstruction,\nrehabilitation, or replacement of any (a) mass transit, (b) commuter, passenger,\nor freight rail, (c) port, (d) airport, or (e) commercial space flight facility;\nor (iii) the acquisition of any rolling stock, vehicle, or equipment to be used\nin conjunction with clause (i) or (ii).\n\t\t“Project obligation” means any bond, note, debenture, interim\ncertificate, grant or revenue anticipation note, lease or lease-purchase or\ninstallment sales agreement, or credit enhancements issued, incurred, or entered\ninto by an eligible borrower to evidence a loan, or any financing agreements,\nreimbursement agreements, guarantees, or other evidences of an obligation of an\neligible borrower or other project sponsor to pay or guarantee a loan.\n\t\t“Project sponsor” means any private entity or governmental entity\nthat is involved in the planning, design, right-of-way acquisition, engineering,\nconstruction, maintenance, or financing of a project.\n\t\t“Reliable repayment source” means any means by which an eligible\nborrower or other project sponsor generates funds that are dedicated to the\npurpose of retiring a project obligation.\n\t\t“Substantial project completion” means the opening of a project\nfor vehicular or passenger traffic or the handling of cargo and freight.\n\nHISTORY: 2011, cc. 830, 868, \u00a7 33.1-23.7; 2012, cc. 779, 817; 2014, c. 805;\n2015, c. 684.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}