                                 CODE OF VIRGINIA

COMMONWEALTH RAIL FUND (§ 33.2-1526.4)

A. The General Assembly declares it to be in the public interest that developing
and continuing intercity passenger and freight rail operations and the
development of rail infrastructure, rolling stock, and support facilities to
support intercity passenger and freight rail service are important elements of a
balanced transportation system in the Commonwealth and further declares it to be
in the public interest that the retention, maintenance, improvement, and
development of intercity passenger and freight rail-related infrastructure
improvements and operations are essential to the Commonwealth&#8217;s continued
economic growth, vitality, and competitiveness in national and world markets.

B. There is hereby established in the state treasury a special nonreverting fund
to be known as the Commonwealth Rail Fund (the Fund). The Fund shall be
established on the books of the Comptroller and shall consist of funds dedicated
pursuant to subdivision 3 of &#xA7; 33.2-1524.1. Interest earned on moneys in
the Fund shall remain in the Fund and be credited to it. Any moneys remaining in
the Fund, including interest thereon, at the end of each fiscal year shall not
revert to the general fund but shall remain in the Fund. Moneys in the Fund
shall be used solely as provided in this section.

C. The amounts dedicated to the Fund pursuant to &#xA7; 33.2-1524.1 shall be
deposited monthly into the Fund. Thereafter, 93 percent shall be distributed to
the Virginia Passenger Rail Authority as soon as practicable for use in
accordance with the provisions of Article 6 (&#xA7; 33.2-287 et seq.) of Chapter
2. The remaining seven percent shall remain in the Fund for the Department of
Rail and Public Transportation for planning purposes and for grants for rail
projects not administered by the Virginia Passenger Rail Authority. The
Department of Rail and Public Transportation may use up to 50 percent of its
share of the moneys in the Fund for the purposes of the Shortline Railway
Preservation and Development Fund created pursuant to &#xA7; 33.2-1602.

HISTORY: 2020, cc. 1230, 1275; 2025, cc. 4, 24.