{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/62.1-132.3_1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/62.1-132.3_1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/62.1-132.3_1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/62.1-132.3_1.html"}],"law_id":74558,"edition_id":1,"section_id":74558,"structure_id":13423,"section_number":"62.1-132.3:1","catch_line":"Port Opportunity Fund","history":"2012, cc. 846, 849; 2016, c. 714.","full_text":"A\n\nThere is hereby created in the state treasury a special nonreverting fund that is a subfund of the Commonwealth Port Fund, known as the Port Opportunity Fund, referred to in this section as “the Fund.” The Fund shall be established on the books of the Comptroller. All funds appropriated for such purpose and any gifts, donations, grants, bequests, and other funds received on its behalf shall be paid into the state treasury and credited to the Fund. 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 Executive Director of the Virginia Port Authority or his designee. Interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Moneys in the Fund shall be used solely for the purposes enumerated in subsection C.B\n\nIf the Authority’s revenues from terminal operations during a fiscal year exceed its terminal operating expenditures for that year by at least five percent, the Authority shall request that the Treasurer transfer to the Port Opportunity Fund an amount of up to five percent of that year’s revenues from terminal operations, not to exceed $2 million, unless the Secretary of Transportation determines that such a transfer is not in the long-term interest of the Authority. Such determination shall be made in writing by the Secretary of Transportation to the Executive Director of the Authority. Requests to transfer such revenues shall be made by August 30 of the ensuing fiscal year.C\n\nMoneys in the Fund shall be used to fund the development and implementation of a national and international marketing program and to provide incentives, as prescribed by the Board of Commissioners, for expanding the use of Virginia Port Authority facilities for the import and export of containerized and noncontainerized cargoes.D\n\nThe Authority shall develop, and the Board of Commissioners approve, guidelines governing the use of incentives that comply with applicable Virginia laws.","order_by":null,"text":{"0":{"id":267932,"text":"There is hereby created in the state treasury a special nonreverting fund that is a subfund of the Commonwealth Port Fund, known as the Port Opportunity Fund, referred to in this section as “the Fund.” The Fund shall be established on the books of the Comptroller. All funds appropriated for such purpose and any gifts, donations, grants, bequests, and other funds received on its behalf shall be paid into the state treasury and credited to the Fund. 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 Executive Director of the Virginia Port Authority or his designee. Interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Moneys in the Fund shall be used solely for the purposes enumerated in subsection C.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":267933,"text":"If the Authority’s revenues from terminal operations during a fiscal year exceed its terminal operating expenditures for that year by at least five percent, the Authority shall request that the Treasurer transfer to the Port Opportunity Fund an amount of up to five percent of that year’s revenues from terminal operations, not to exceed $2 million, unless the Secretary of Transportation determines that such a transfer is not in the long-term interest of the Authority. Such determination shall be made in writing by the Secretary of Transportation to the Executive Director of the Authority. Requests to transfer such revenues shall be made by August 30 of the ensuing fiscal year.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":267934,"text":"Moneys in the Fund shall be used to fund the development and implementation of a national and international marketing program and to provide incentives, as prescribed by the Board of Commissioners, for expanding the use of Virginia Port Authority facilities for the import and export of containerized and noncontainerized cargoes.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":267935,"text":"The Authority shall develop, and the Board of Commissioners approve, guidelines governing the use of incentives that comply with applicable Virginia laws.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":13423,"edition_id":1,"name":"Virginia Port Authority","identifier":"10","label":"chapter","depth":2,"order_by":1,"parent_id":12909,"metadata":{},"date_created":"2026-06-26 03:44:52","date_modified":"2026-06-26 03:44:52","permalink":{"id":268231,"object_type":"structure","relational_id":13423,"identifier":"10","token":"62.1\/10","url":"\/62.1\/10\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12909,"edition_id":1,"name":"Waters of the State, Ports and Harbors","identifier":"62.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:00","date_modified":"2026-06-26 03:44:00","permalink":{"id":268199,"object_type":"structure","relational_id":12909,"identifier":"62.1","token":"62.1","url":"\/62.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":63656,"structure_id":13423,"section_number":"62.1-128","catch_line":"Authority created","url":"\/62.1-128\/","token":"62.1\/10\/62.1-128","metadata":false},{"id":65543,"structure_id":13423,"section_number":"62.1-129","catch_line":"Board of Commissioners; members and officers; Executive Director; agents and employees","url":"\/62.1-129\/","token":"62.1\/10\/62.1-129","metadata":false},{"id":59839,"structure_id":13423,"section_number":"62.1-129.1","catch_line":"Employees; employment; personnel rules; health insurance; retirement plans","url":"\/62.1-129.1\/","token":"62.1\/10\/62.1-129.1","metadata":false},{"id":79408,"structure_id":13423,"section_number":"62.1-129.2","catch_line":"Trust for postemployment benefits authorized; administration","url":"\/62.1-129.2\/","token":"62.1\/10\/62.1-129.2","metadata":false},{"id":83097,"structure_id":13423,"section_number":"62.1-130","catch_line":"Powers and duties of Executive Director","url":"\/62.1-130\/","token":"62.1\/10\/62.1-130","metadata":false},{"id":59763,"structure_id":13423,"section_number":"62.1-131","catch_line":"Office and branch offices; title to property","url":"\/62.1-131\/","token":"62.1\/10\/62.1-131","metadata":false},{"id":66040,"structure_id":13423,"section_number":"62.1-132","catch_line":"Local authorities subordinate to Authority","url":"\/62.1-132\/","token":"62.1\/10\/62.1-132","metadata":false},{"id":72875,"structure_id":13423,"section_number":"62.1-132.1","catch_line":"General powers","url":"\/62.1-132.1\/","token":"62.1\/10\/62.1-132.1","metadata":false},{"id":84095,"structure_id":13423,"section_number":"62.1-132.10","catch_line":"Publications of Authority","url":"\/62.1-132.10\/","token":"62.1\/10\/62.1-132.10","metadata":false},{"id":66130,"structure_id":13423,"section_number":"62.1-132.11","catch_line":"Police powers; 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This law was first created in 2012. The record of its establishment is cataloged in chapters 846<\/a> and 849<\/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 2016, chapter 714<\/a>.<\/p>","references":[{"id":74633,"section_number":"62.1-132.3:2","catch_line":"Port of Virginia Economic and Infrastructure Development Grant Fund and Program","order_by":null,"url":"\/62.1-132.3_2\/"}],"refers_to":false,"permalink":{"id":268329,"object_type":"law","relational_id":74558,"identifier":"62.1-132.3:1","token":"62.1\/10\/62.1-132.3_1","url":"\/62.1-132.3_1\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/62.1-132.3_1\/","token":"62.1\/10\/62.1-132.3_1","dublin_core":{"Title":"Port Opportunity Fund","Type":"Text","Format":"text\/html","Identifier":"\u00a7 62.1-132.3:1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> There is hereby created in the state treasury a special nonreverting fund that is a subfund of the Commonwealth Port Fund, known as the Port Opportunity Fund, referred to in this section as “the Fund.” The Fund shall be established on the books of the Comptroller. All funds appropriated for such purpose and any gifts, donations, grants, bequests, and other funds received on its behalf shall be paid into the state treasury and credited to the Fund. 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 Executive Director of the Virginia Port Authority or his designee. Interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Moneys in the Fund shall be used solely for the purposes enumerated in subsection C. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> If the Authority’s revenues from terminal operations during a fiscal year exceed its terminal operating expenditures for that year by at least five percent, the Authority shall request that the Treasurer transfer to the Port Opportunity Fund an amount of up to five percent of that year’s revenues from terminal operations, not to exceed $2 million, unless the Secretary of Transportation determines that such a transfer is not in the long-term interest of the Authority. Such determination shall be made in writing by the Secretary of Transportation to the Executive Director of the Authority. Requests to transfer such revenues shall be made by August 30 of the ensuing fiscal year. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Moneys in the Fund shall be used to fund the development and implementation of a national and international marketing program and to provide incentives, as prescribed by the Board of Commissioners, for expanding the use of Virginia Port Authority facilities for the import and export of containerized and noncontainerized cargoes. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The Authority shall develop, and the Board of Commissioners approve, guidelines governing the use of incentives that comply with applicable Virginia laws<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPORT OPPORTUNITY FUND (\u00a7 62.1-132.3:1)\n\nA. There is hereby created in the state treasury a special nonreverting fund\nthat is a subfund of the Commonwealth Port Fund, known as the Port Opportunity\nFund, referred to in this section as “the Fund.” The Fund shall be\nestablished on the books of the Comptroller. All funds appropriated for such\npurpose and any gifts, donations, grants, bequests, and other funds received on\nits behalf shall be paid into the state treasury and credited to the Fund.\nExpenditures and disbursements from the Fund shall be made by the State\nTreasurer on warrants issued by the Comptroller upon written request signed by\nthe Executive Director of the Virginia Port Authority or his designee. Interest\nearned on moneys in the Fund shall remain in the Fund and be credited to it.\nMoneys in the Fund shall be used solely for the purposes enumerated in\nsubsection C.\n\nB. If the Authority’s revenues from terminal operations during a fiscal\nyear exceed its terminal operating expenditures for that year by at least five\npercent, the Authority shall request that the Treasurer transfer to the Port\nOpportunity Fund an amount of up to five percent of that year’s revenues\nfrom terminal operations, not to exceed $2 million, unless the Secretary of\nTransportation determines that such a transfer is not in the long-term interest\nof the Authority. Such determination shall be made in writing by the Secretary\nof Transportation to the Executive Director of the Authority. Requests to\ntransfer such revenues shall be made by August 30 of the ensuing fiscal year.\n\nC. Moneys in the Fund shall be used to fund the development and implementation\nof a national and international marketing program and to provide incentives, as\nprescribed by the Board of Commissioners, for expanding the use of Virginia Port\nAuthority facilities for the import and export of containerized and\nnoncontainerized cargoes.\n\nD. The Authority shall develop, and the Board of Commissioners approve,\nguidelines governing the use of incentives that comply with applicable Virginia\nlaws.\n\nHISTORY: 2012, cc. 846, 849; 2016, c. 714.","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}}