{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/33.2-1719.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/33.2-1719.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/33.2-1719.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/33.2-1719.html"}],"law_id":74535,"edition_id":1,"section_id":74535,"structure_id":13528,"section_number":"33.2-1719","catch_line":"Reserve funds and appropriations","history":"1988, cc. 844, 903, \u00a7 33.1-285.1; 2014, c. 805.","full_text":"A\n\nIn connection with the Commonwealth of Virginia Transportation Contract Revenue Bonds, the Board may create and establish one or more special funds (reserve funds) and shall pay into each such reserve fund from bond proceeds and any moneys appropriated and made available by the Commonwealth for the purpose of such fund and from any other moneys that may be made available to the Board for the purpose of such fund from any other source or sources. All moneys held in any reserve fund shall be used as required solely for the payment of the principal and interest of Commonwealth of Virginia Transportation Contract Revenue Bonds.B\n\nIn order to further ensure maintenance of the reserve fund, the Commissioner of Highways shall annually, on or before December 1, make and deliver to the Governor and Director of the Department of Planning and Budget his certificate stating the sum, if any, required to restore each such reserve fund to the minimum reserve fund requirement for such fund as may be established by the Board. Within five days after the beginning of each regular session of the General Assembly, the Governor shall submit to the presiding officer of each house printed copies of a budget including the sum, if any, required to restore each such reserve fund to the minimum reserve fund requirement for such fund. All sums appropriated by the General Assembly for such restoration and paid shall be deposited by the Board in the applicable reserve fund and shall be deducted from amounts otherwise allocable pursuant to the highway allocation formula as provided by law to the highway construction district in which the project is located or to the county or counties in which the project financed is located.","order_by":null,"text":{"0":{"id":267860,"text":"In connection with the Commonwealth of Virginia Transportation Contract Revenue Bonds, the Board may create and establish one or more special funds (reserve funds) and shall pay into each such reserve fund from bond proceeds and any moneys appropriated and made available by the Commonwealth for the purpose of such fund and from any other moneys that may be made available to the Board for the purpose of such fund from any other source or sources. All moneys held in any reserve fund shall be used as required solely for the payment of the principal and interest of Commonwealth of Virginia Transportation Contract Revenue Bonds.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":267861,"text":"In order to further ensure maintenance of the reserve fund, the Commissioner of Highways shall annually, on or before December 1, make and deliver to the Governor and Director of the Department of Planning and Budget his certificate stating the sum, if any, required to restore each such reserve fund to the minimum reserve fund requirement for such fund as may be established by the Board. Within five days after the beginning of each regular session of the General Assembly, the Governor shall submit to the presiding officer of each house printed copies of a budget including the sum, if any, required to restore each such reserve fund to the minimum reserve fund requirement for such fund. All sums appropriated by the General Assembly for such restoration and paid shall be deposited by the Board in the applicable reserve fund and shall be deducted from amounts otherwise allocable pursuant to the highway allocation formula as provided by law to the highway construction district in which the project is located or to the county or counties in which the project financed is located.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":13528,"edition_id":1,"name":"Transportation Development and Revenue Bond Act","identifier":"17","label":"chapter","depth":3,"order_by":1,"parent_id":13146,"metadata":{},"date_created":"2026-06-26 03:45:07","date_modified":"2026-06-26 03:45:07","permalink":{"id":206695,"object_type":"structure","relational_id":13528,"identifier":"17","token":"33.2\/III\/17","url":"\/33.2\/III\/17\/","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":63551,"structure_id":13528,"section_number":"33.2-1700","catch_line":"Definitions","url":"\/33.2-1700\/","token":"33.2\/III\/17\/33.2-1700","metadata":false},{"id":84701,"structure_id":13528,"section_number":"33.2-1701","catch_line":"General powers of Commonwealth Transportation Board","url":"\/33.2-1701\/","token":"33.2\/III\/17\/33.2-1701","metadata":false},{"id":80449,"structure_id":13528,"section_number":"33.2-1702","catch_line":"Acquisition and construction of projects","url":"\/33.2-1702\/","token":"33.2\/III\/17\/33.2-1702","metadata":false},{"id":86114,"structure_id":13528,"section_number":"33.2-1703","catch_line":"Purchase of projects","url":"\/33.2-1703\/","token":"33.2\/III\/17\/33.2-1703","metadata":false},{"id":60370,"structure_id":13528,"section_number":"33.2-1704","catch_line":"Condemnation of projects and property","url":"\/33.2-1704\/","token":"33.2\/III\/17\/33.2-1704","metadata":false},{"id":76541,"structure_id":13528,"section_number":"33.2-1705","catch_line":"Improvement of projects acquired","url":"\/33.2-1705\/","token":"33.2\/III\/17\/33.2-1705","metadata":false},{"id":55097,"structure_id":13528,"section_number":"33.2-1706","catch_line":"Construction of projects","url":"\/33.2-1706\/","token":"33.2\/III\/17\/33.2-1706","metadata":false},{"id":55698,"structure_id":13528,"section_number":"33.2-1707","catch_line":"Highway connections","url":"\/33.2-1707\/","token":"33.2\/III\/17\/33.2-1707","metadata":false},{"id":65580,"structure_id":13528,"section_number":"33.2-1708","catch_line":"Revenue bonds","url":"\/33.2-1708\/","token":"33.2\/III\/17\/33.2-1708","metadata":false},{"id":82704,"structure_id":13528,"section_number":"33.2-1709","catch_line":"Credit of Commonwealth not pledged","url":"\/33.2-1709\/","token":"33.2\/III\/17\/33.2-1709","metadata":false},{"id":54493,"structure_id":13528,"section_number":"33.2-1710","catch_line":"Form and terms of bonds","url":"\/33.2-1710\/","token":"33.2\/III\/17\/33.2-1710","metadata":false},{"id":69964,"structure_id":13528,"section_number":"33.2-1711","catch_line":"No other prerequisites to issue of bonds","url":"\/33.2-1711\/","token":"33.2\/III\/17\/33.2-1711","metadata":false},{"id":57059,"structure_id":13528,"section_number":"33.2-1712","catch_line":"Limitations and approvals for certain revenue bonds","url":"\/33.2-1712\/","token":"33.2\/III\/17\/33.2-1712","metadata":false},{"id":57433,"structure_id":13528,"section_number":"33.2-1713","catch_line":"Sale of bonds; bonds as legal investments","url":"\/33.2-1713\/","token":"33.2\/III\/17\/33.2-1713","metadata":false},{"id":58119,"structure_id":13528,"section_number":"33.2-1714","catch_line":"Use of proceeds of sale of bonds","url":"\/33.2-1714\/","token":"33.2\/III\/17\/33.2-1714","metadata":false},{"id":82268,"structure_id":13528,"section_number":"33.2-1715","catch_line":"Financing two or more projects together","url":"\/33.2-1715\/","token":"33.2\/III\/17\/33.2-1715","metadata":false},{"id":73006,"structure_id":13528,"section_number":"33.2-1716","catch_line":"All moneys to be trust funds","url":"\/33.2-1716\/","token":"33.2\/III\/17\/33.2-1716","metadata":false},{"id":73553,"structure_id":13528,"section_number":"33.2-1717","catch_line":"Trust indenture","url":"\/33.2-1717\/","token":"33.2\/III\/17\/33.2-1717","metadata":false},{"id":80373,"structure_id":13528,"section_number":"33.2-1718","catch_line":"Revenues","url":"\/33.2-1718\/","token":"33.2\/III\/17\/33.2-1718","metadata":false},{"id":74535,"structure_id":13528,"section_number":"33.2-1719","catch_line":"Reserve funds and appropriations","url":"\/33.2-1719\/","token":"33.2\/III\/17\/33.2-1719","metadata":false},{"id":85790,"structure_id":13528,"section_number":"33.2-1720","catch_line":"Sinking fund","url":"\/33.2-1720\/","token":"33.2\/III\/17\/33.2-1720","metadata":false},{"id":63337,"structure_id":13528,"section_number":"33.2-1721","catch_line":" Cessation of tolls","url":"\/33.2-1721\/","token":"33.2\/III\/17\/33.2-1721","metadata":false},{"id":86949,"structure_id":13528,"section_number":"33.2-1722","catch_line":"Use of certain funds by Board","url":"\/33.2-1722\/","token":"33.2\/III\/17\/33.2-1722","metadata":false},{"id":83568,"structure_id":13528,"section_number":"33.2-1723","catch_line":"Contributions","url":"\/33.2-1723\/","token":"33.2\/III\/17\/33.2-1723","metadata":false},{"id":83320,"structure_id":13528,"section_number":"33.2-1724","catch_line":"Remedies of bondholders and trustee","url":"\/33.2-1724\/","token":"33.2\/III\/17\/33.2-1724","metadata":false},{"id":78310,"structure_id":13528,"section_number":"33.2-1725","catch_line":"Competing bridges, ferries, and tunnels","url":"\/33.2-1725\/","token":"33.2\/III\/17\/33.2-1725","metadata":false},{"id":60374,"structure_id":13528,"section_number":"33.2-1726","catch_line":"Incidental powers of the Board","url":"\/33.2-1726\/","token":"33.2\/III\/17\/33.2-1726","metadata":false},{"id":60094,"structure_id":13528,"section_number":"33.2-1727","catch_line":"Revenue refunding bonds and revenue bonds for combined purposes","url":"\/33.2-1727\/","token":"33.2\/III\/17\/33.2-1727","metadata":false},{"id":54553,"structure_id":13528,"section_number":"33.2-1728","catch_line":"Chapter provides alternative method","url":"\/33.2-1728\/","token":"33.2\/III\/17\/33.2-1728","metadata":false},{"id":72521,"structure_id":13528,"section_number":"33.2-1729","catch_line":"Chapter liberally construed","url":"\/33.2-1729\/","token":"33.2\/III\/17\/33.2-1729","metadata":false}],"previous_section":{"id":80373,"structure_id":13528,"section_number":"33.2-1718","catch_line":"Revenues","url":"\/33.2-1718\/","token":"33.2\/III\/17\/33.2-1718","metadata":false},"next_section":{"id":85790,"structure_id":13528,"section_number":"33.2-1720","catch_line":"Sinking fund","url":"\/33.2-1720\/","token":"33.2\/III\/17\/33.2-1720","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/33.2-1719\/","history_text":"

This law was first created in 1988. The record of its establishment is cataloged in chapters 844 and 903 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. Unfortunately, the 1988 \u201cActs\u201d aren\u2019t available online. 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":false,"refers_to":false,"permalink":{"id":206773,"object_type":"law","relational_id":74535,"identifier":"33.2-1719","token":"33.2\/III\/17\/33.2-1719","url":"\/33.2-1719\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/33.2-1719\/","token":"33.2\/III\/17\/33.2-1719","dublin_core":{"Title":"Reserve funds and appropriations","Type":"Text","Format":"text\/html","Identifier":"\u00a7 33.2-1719","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> In connection with the Commonwealth of Virginia Transportation Contract<\/span> Revenue Bonds<\/span>, the Board<\/span> may create and establish one or more special funds (reserve funds) and shall pay into each such reserve fund from bond<\/span> proceeds and any moneys appropriated and made available by the Commonwealth for the purpose of such fund and from any other moneys that may be made available to the Board<\/span> for the purpose of such fund from any other source or sources. All moneys held in any reserve fund shall be used as required solely for the payment of the principal and interest of Commonwealth of Virginia Transportation Contract<\/span> Revenue Bonds<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> In order<\/span> to further ensure maintenance<\/span> of the reserve fund, the Commissioner of Highways<\/span> shall annually, on or before December 1, make and deliver to the Governor and Director of the Department<\/span> of Planning and Budget his certificate stating the sum, if any, required to restore each such reserve fund to the minimum reserve fund requirement for such fund as may be established by the Board<\/span>. Within five days after the beginning of each regular session of the General Assembly, the Governor shall submit to the presiding officer of each house printed copies of a budget including the sum, if any, required to restore each such reserve fund to the minimum reserve fund requirement for such fund. All sums appropriated by the General Assembly for such restoration and paid shall be deposited by the Board<\/span> in the applicable reserve fund and shall be deducted from amounts otherwise allocable pursuant to the highway allocation formula as provided by law<\/span> to the highway construction<\/span> district in which the project<\/span> is located or to the county or counties in which the project<\/span> financed is located. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nRESERVE FUNDS AND APPROPRIATIONS (\u00a7 33.2-1719)\n\nA. In connection with the Commonwealth of Virginia Transportation Contract\nRevenue Bonds, the Board may create and establish one or more special funds\n(reserve funds) and shall pay into each such reserve fund from bond proceeds and\nany moneys appropriated and made available by the Commonwealth for the purpose\nof such fund and from any other moneys that may be made available to the Board\nfor the purpose of such fund from any other source or sources. All moneys held\nin any reserve fund shall be used as required solely for the payment of the\nprincipal and interest of Commonwealth of Virginia Transportation Contract\nRevenue Bonds.\n\nB. In order to further ensure maintenance of the reserve fund, the Commissioner\nof Highways shall annually, on or before December 1, make and deliver to the\nGovernor and Director of the Department of Planning and Budget his certificate\nstating the sum, if any, required to restore each such reserve fund to the\nminimum reserve fund requirement for such fund as may be established by the\nBoard. Within five days after the beginning of each regular session of the\nGeneral Assembly, the Governor shall submit to the presiding officer of each\nhouse printed copies of a budget including the sum, if any, required to restore\neach such reserve fund to the minimum reserve fund requirement for such fund.\nAll sums appropriated by the General Assembly for such restoration and paid\nshall be deposited by the Board in the applicable reserve fund and shall be\ndeducted from amounts otherwise allocable pursuant to the highway allocation\nformula as provided by law to the highway construction district in which the\nproject is located or to the county or counties in which the project financed is\nlocated.\n\nHISTORY: 1988, cc. 844, 903, \u00a7 33.1-285.1; 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}}