                                 CODE OF VIRGINIA

COMMONWEALTH PORT FUND (§ 33.2-1526.5)

A. There is hereby created in the Department of the Treasury a special
nonreverting fund that shall be a part of the Transportation Trust Fund and
shall be known as the Commonwealth Port Fund (the Fund).

B. The Fund shall be established on the books of the Comptroller and the funds
remaining in such Fund at the end of a biennium shall not revert to the general
fund but shall remain in the Fund. Interest earned on such funds shall remain in
the Fund and be credited to it. Funds may be paid to any authority, locality, or
commission for the purposes hereinafter specified.

C. The amounts allocated pursuant to this section shall be allocated by the
Board to the Board of Commissioners of the Virginia Port Authority to be used to
support port capital needs and the preservation of existing capital needs of all
ocean, river, or tributary ports within the Commonwealth. Expenditures for such
capital needs are restricted to those capital projects specified in subsection B
of &#xA7; 62.1-132.1.

D. Fund revenue shall be allocated by the Board of Commissioners to the Virginia
Port Authority in order to foster and stimulate the flow of maritime commerce
through the ports of Virginia, including but not limited to the ports of
Richmond, Hopewell, and Alexandria.

HISTORY: 2020, cc. 1230, 1275.