                                 CODE OF VIRGINIA

ADMINISTRATION OF TRANSPORTATION TRUST FUND (§ 33.2-1525)

A. The Transportation Trust Fund shall be established on the books of the
Comptroller so as to segregate the amounts appropriated to the Transportation
Trust Fund and the amounts earned or accumulated by such Transportation Trust
Fund. No portion of the Transportation Trust Fund shall be used for a purpose
other than as provided in this section. Any moneys remaining in the
Transportation Trust Fund at the end of a biennium shall not revert to the
general fund but shall remain in the Transportation Trust Fund to be used for
the purposes set forth in &#xA7;&#xA7; 33.2-1524, 33.2-1526, and 33.2-1529 and
shall accumulate interest and dividends throughout the existence of the
Transportation Trust Fund. Whenever in the Board&#8217;s opinion there are
moneys in the Transportation Trust Fund in excess of the amount required to meet
the current needs and demands of the transportation program, the Board may
invest such excess funds in securities that, in its judgment, will be readily
convertible into money. Such securities may include debentures and other
government and corporate obligations; common and preferred stocks limited to 30
percent of total trust funds investments based on cost; &#8220;prime
quality&#8221; commercial paper, as defined and limited by &#xA7; 2.2-4502;
bankers&#8217; acceptances; bonds; money market funds; and overnight, term, and
open repurchase agreements. The investment of moneys held in the Transportation
Trust Fund shall be administered by the state treasury under guidelines adopted
by the Board pursuant to this section.
			The Treasurer may, at his option, manage such moneys or hire professional
outside investment counsel to manage part or all of such moneys.
			The selection of services related to the management, purchase, or sale of
authorized investments shall be governed by the standard provided in this
section and shall not be subject to the provisions of Chapter 43 (&#xA7;
2.2-4300 et seq.) of Title 2.2.

B. When investments are made in accordance with this section, no member of the
Board, Northern Virginia Transportation Authority, Central Virginia
Transportation Authority, or Hampton Roads Transportation Accountability
Commission; employee of the Board, Northern Virginia Transportation Authority,
Central Virginia Transportation Authority, Hampton Roads Transportation
Accountability Commission, Department of Transportation, or Department of Rail
and Public Transportation; or treasury official shall be personally liable for
any loss therefrom in the absence of negligence, malfeasance, misfeasance, or
nonfeasance. Such limitation on personal liability shall extend to an
individual&#8217;s actions taken while serving on or employed by such entities,
even if such individual no longer serves on or is employed by any such entity.

HISTORY: 1986, Sp. Sess., c. 13, §§ 33.1-23.03:5, 33.1-23.03:7; 2013, cc. 585,
646; 2014, c. 805; 2016, cc. 603, 608; 2025, cc. 455, 471.