{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/33.2-1520.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/33.2-1520.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/33.2-1520.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/33.2-1520.html"}],"law_id":77654,"edition_id":1,"section_id":77654,"structure_id":16379,"section_number":"33.2-1520","catch_line":"Application of project-specific reimbursements","history":"2011, cc. 830, 868, \u00a7 33.1-23.23; 2014, c. 805.","full_text":"A\n\nIn 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\n\nThe 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.","order_by":null,"text":{"0":{"id":278539,"text":"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.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":278540,"text":"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.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":16379,"edition_id":1,"name":"Commonwealth of Virginia Federal Transportation Grant Anticipation Revenue Notes Act of 2011","identifier":"4","label":"article","depth":4,"order_by":1,"parent_id":13147,"metadata":{},"date_created":"2026-06-26 04:15:50","date_modified":"2026-06-26 04:15:50","permalink":{"id":206541,"object_type":"structure","relational_id":16379,"identifier":"4","token":"33.2\/III\/15\/4","url":"\/33.2\/III\/15\/4\/","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":80941,"structure_id":16379,"section_number":"33.2-1511","catch_line":"Definitions","url":"\/33.2-1511\/","token":"33.2\/III\/15\/4\/33.2-1511","metadata":false},{"id":79388,"structure_id":16379,"section_number":"33.2-1512","catch_line":"Authorization of Notes","url":"\/33.2-1512\/","token":"33.2\/III\/15\/4\/33.2-1512","metadata":false},{"id":87385,"structure_id":16379,"section_number":"33.2-1513","catch_line":"Use of proceeds of Notes","url":"\/33.2-1513\/","token":"33.2\/III\/15\/4\/33.2-1513","metadata":false},{"id":82093,"structure_id":16379,"section_number":"33.2-1514","catch_line":"Details of Notes","url":"\/33.2-1514\/","token":"33.2\/III\/15\/4\/33.2-1514","metadata":false},{"id":67585,"structure_id":16379,"section_number":"33.2-1515","catch_line":"Form and manner of execution; signature of person ceasing to be officer","url":"\/33.2-1515\/","token":"33.2\/III\/15\/4\/33.2-1515","metadata":false},{"id":72010,"structure_id":16379,"section_number":"33.2-1516","catch_line":"Authority to obtain GARVEE approval","url":"\/33.2-1516\/","token":"33.2\/III\/15\/4\/33.2-1516","metadata":false},{"id":84338,"structure_id":16379,"section_number":"33.2-1517","catch_line":"Expenses","url":"\/33.2-1517\/","token":"33.2\/III\/15\/4\/33.2-1517","metadata":false},{"id":78007,"structure_id":16379,"section_number":"33.2-1518","catch_line":"Deposit of proceeds","url":"\/33.2-1518\/","token":"33.2\/III\/15\/4\/33.2-1518","metadata":false},{"id":81558,"structure_id":16379,"section_number":"33.2-1519","catch_line":"Other funds","url":"\/33.2-1519\/","token":"33.2\/III\/15\/4\/33.2-1519","metadata":false},{"id":77654,"structure_id":16379,"section_number":"33.2-1520","catch_line":"Application of project-specific reimbursements","url":"\/33.2-1520\/","token":"33.2\/III\/15\/4\/33.2-1520","metadata":false},{"id":70331,"structure_id":16379,"section_number":"33.2-1521","catch_line":"Investment of proceeds and other amounts","url":"\/33.2-1521\/","token":"33.2\/III\/15\/4\/33.2-1521","metadata":false},{"id":81159,"structure_id":16379,"section_number":"33.2-1522","catch_line":"Exemption from taxation","url":"\/33.2-1522\/","token":"33.2\/III\/15\/4\/33.2-1522","metadata":false},{"id":86711,"structure_id":16379,"section_number":"33.2-1523","catch_line":"Notes as eligible securities","url":"\/33.2-1523\/","token":"33.2\/III\/15\/4\/33.2-1523","metadata":false}],"previous_section":{"id":81558,"structure_id":16379,"section_number":"33.2-1519","catch_line":"Other funds","url":"\/33.2-1519\/","token":"33.2\/III\/15\/4\/33.2-1519","metadata":false},"next_section":{"id":70331,"structure_id":16379,"section_number":"33.2-1521","catch_line":"Investment of proceeds and other amounts","url":"\/33.2-1521\/","token":"33.2\/III\/15\/4\/33.2-1521","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/33.2-1520\/","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 1 time. 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. That modification is as follows: in 2014, chapter 805<\/a>.<\/p>","references":[{"id":84701,"section_number":"33.2-1701","catch_line":"General powers of Commonwealth Transportation Board","order_by":null,"url":"\/33.2-1701\/"},{"id":82704,"section_number":"33.2-1709","catch_line":"Credit of Commonwealth not pledged","order_by":null,"url":"\/33.2-1709\/"}],"refers_to":[{"id":70133,"section_number":"2.2-1802","catch_line":"Payment of state funds into state treasury; deposits in state depositories; credit of fund not paid into general fund; exceptions as to endowments and gifts to institutions; appropriations by federal government","order_by":null,"url":"\/2.2-1802\/"},{"id":84701,"section_number":"33.2-1701","catch_line":"General powers of Commonwealth Transportation Board","order_by":null,"url":"\/33.2-1701\/"},{"id":73006,"section_number":"33.2-1716","catch_line":"All moneys to be trust funds","order_by":null,"url":"\/33.2-1716\/"},{"id":85790,"section_number":"33.2-1720","catch_line":"Sinking fund","order_by":null,"url":"\/33.2-1720\/"}],"permalink":{"id":206579,"object_type":"law","relational_id":77654,"identifier":"33.2-1520","token":"33.2\/III\/15\/4\/33.2-1520","url":"\/33.2-1520\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/33.2-1520\/","token":"33.2\/III\/15\/4\/33.2-1520","dublin_core":{"Title":"Application of project-specific reimbursements","Type":"Text","Format":"text\/html","Identifier":"\u00a7 33.2-1520","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> In accordance with Article X, Section 7 of the Constitution of Virginia and § 2.2-1802<\/a>, all federal highway reimbursements<\/span> are paid into the state treasury. In connection with each series<\/span> of Notes<\/span> issued pursuant to this article, the Board<\/span> shall establish a fund in accordance with § 33.2-1720<\/a> either in the state treasury or with a trustee in accordance with § 33.2-1716<\/a>, which secures and is used for the payment of such series<\/span> of Notes<\/span> 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<\/span> premium, if any, and interest on Notes<\/span>, as and when due and payable, (i) first from the project-specific reimbursements<\/span>; (ii) then, at the discretion of the Board<\/span>, 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. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Board<\/span> is authorized to provide that the pledge of federal highway reimbursements<\/span> and any other federal highway assistance received for all or any series<\/span> of the Notes<\/span> will be subordinate to any prior pledge thereof to notes<\/span> issued pursuant to subdivision 8 of § 33.2-1701<\/a> 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<\/span> 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<\/span> issued pursuant to subdivision 8 of § 33.2-1701<\/a> and the second enactments of Chapters 1019 and 1044 of the Acts of Assembly of 2000, as amended. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nAPPLICATION OF PROJECT-SPECIFIC REIMBURSEMENTS (\u00a7 33.2-1520)\n\nA. In accordance with Article X, Section 7 of the Constitution of Virginia and\n§ 2.2-1802, all federal highway reimbursements are paid into the state\ntreasury. In connection with each series of Notes issued pursuant to this\narticle, the Board shall establish a fund in accordance with § 33.2-1720\neither in the state treasury or with a trustee in accordance with §\n33.2-1716, which secures and is used for the payment of such series of Notes to\nthe credit of which there shall be deposited such amounts, appropriated therefor\nby the General Assembly, as are required to pay principal or purchase price of\nand redemption premium, if any, and interest on Notes, as and when due and\npayable, (i) first from the project-specific reimbursements; (ii) then, at the\ndiscretion of the Board, to the extent required, from legally available revenues\nof the Transportation Trust Fund; and (iii) then from such other funds, if any,\nthat are designated by the General Assembly for such purpose.\n\nB. The Board is authorized to provide that the pledge of federal highway\nreimbursements and any other federal highway assistance received for all or any\nseries of the Notes will be subordinate to any prior pledge thereof to notes\nissued pursuant to subdivision 8 of § 33.2-1701 and the second enactments\nof Chapters 1019 and 1044 of the Acts of Assembly of 2000, as amended, and that\nthe obligation to make transfers of federal highway reimbursements and any other\nfederal highway assistance received or other amounts into any fund established\nunder subsection A will be subordinate to the obligation to make any required\npayments or deposits on or with respect to notes issued pursuant to subdivision\n8 of § 33.2-1701 and the second enactments of Chapters 1019 and 1044 of the\nActs of Assembly of 2000, as amended.\n\nHISTORY: 2011, cc. 830, 868, \u00a7 33.1-23.23; 2014, c. 805.","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}}