A. For the purposes of this section, “the facility” means the vicinity of the interchange of Interstate 64 and Jefferson Avenue to the interchange of Interstate 64, Interstate 264, and Interstate 664.
B. The Commission shall, subject to the conditions provided in this section, have the authority to impose and collect tolls on high-occupancy toll lanes on Interstate 64 in the facility. The tolls shall be collected by an electronic toll system that, to the extent possible, shall not impede the traffic flow of the facility. The tolls authorized by this section may only be imposed on a portion of the facility that has been designated as high-occupancy toll lanes by the Board pursuant to § 33.2-502, and the amount of the tolls shall be varied by congestion level. All such tolls may be used for programs and projects that are reasonably related to or that benefit users of the facility and, without limiting the foregoing, may be used to pay the debt service on and related reserves and financing costs for, and pledged to support, bonds and other evidences of indebtedness the proceeds of which are or were used for construction or improvement of the facility.
C. Prior to the imposition of tolls pursuant to this section, the Commission shall enter into an agreement with the Board and the Department that (i) sets the standards for the operations of the facility, including the collection of tolls; (ii) addresses the use and application of toll revenues and toll-backed debt proceeds and the reimbursement of any funds expended by the Board or the Department to convert any portion of the facility from high-occupancy vehicle lanes to high-occupancy toll lanes, as these terms are defined in § 33.2-500; and (iii) contains such other provisions deemed appropriate and necessary to ensure the safe and efficient operations of the general purpose and high-occupancy toll lanes on any portion of the facility where the Commission intends to exercise the authority provided in subsection B.