                                 CODE OF VIRGINIA

APPLICATION OF PROJECT-SPECIFIC REIMBURSEMENTS (§ 33.2-1520)

A. In accordance with Article X, Section 7 of the Constitution of Virginia and
&#xA7; 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 &#xA7; 33.2-1720
either in the state treasury or with a trustee in accordance with &#xA7;
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. 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 &#xA7; 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 &#xA7; 33.2-1701 and the second enactments of Chapters 1019 and 1044 of the
Acts of Assembly of 2000, as amended.

HISTORY: 2011, cc. 830, 868, § 33.1-23.23; 2014, c. 805.