                                 CODE OF VIRGINIA

COMMONWEALTH TRANSIT CAPITAL FUND (§ 33.2-1526.2)

A. There is hereby created in the Department of the Treasury a special
nonreverting fund known as the Commonwealth Transit Capital Fund. The
Commonwealth Transit Capital Fund shall be a subaccount of the Commonwealth Mass
Transit Fund.

B. The Commonwealth Transit Capital Fund subaccount shall be established on the
books of the Comptroller and consist of such moneys as are appropriated to it by
the General Assembly and of all donations, gifts, bequests, grants, endowments,
and other moneys given, bequeathed, granted, or otherwise made available to the
Commonwealth Transit Capital Fund. Any funds remaining in the Commonwealth
Transit Capital Fund at the end of the biennium shall not revert to the general
fund, but shall remain in the Commonwealth Transit Capital Fund. Interest earned
on funds within the Commonwealth Transit Capital Fund shall remain in and be
credited to the Commonwealth Transit Capital Fund.

C. Proceeds of the Commonwealth Transit Capital Fund may be paid to any
political subdivision, another public entity created by an act of the General
Assembly, or a private entity as defined in &#xA7; 33.2-1800 and for purposes as
enumerated in subdivision 7 of &#xA7; 33.2-1701 or expended by the Department of
Rail and Public Transportation for the purposes specified in this subsection.
Revenues of the Commonwealth Transit Capital Fund shall be used to support
capital expenditures involving the establishment, improvement, or expansion of
public transportation services through specific projects approved by the
Commonwealth Transportation Board.

D. The Commonwealth Transit Capital Fund shall not be allocated without
requiring a local match from the recipient.

HISTORY: 2020, cc. 1230, 1275.