                                 CODE OF VIRGINIA

PRIORITY TRANSPORTATION FUND (§ 33.2-1527)

A. There is hereby created in the state treasury a special nonreverting fund to
be known as the Priority Transportation Fund (the Fund). The Fund shall be
established on the books of the Comptroller. Interest earned on moneys in the
Fund shall remain in the Fund and be credited to it. All funds as may be
designated in the appropriation act for deposit to the Fund shall be paid into
the state treasury and credited to the Fund. Such funds shall include:

   1. Beginning with the fiscal year ending June 30, 2000, and for fiscal years
   thereafter, all revenues that exceed the official forecast, pursuant to &#xA7;
   2.2-1503, for (i) the allocation to the Highway Maintenance and Operating Fund
   established in &#xA7; 33.2-1530 as set forth in &#xA7; 33.2-1524 and (ii) the
   allocation to highway and mass transit improvement projects as set forth in
   &#xA7; 33.2-1524.1, but not including any amounts that are allocated to the
   Commonwealth Port Fund and the Commonwealth Aviation Fund under such section;

   2. All revenues deposited into the Fund pursuant to subdivision 7 of &#xA7;
   33.2-1524.1;

   3. All revenues deposited into the Fund pursuant to &#xA7; 33.2-226; and

   4. Any other such funds as may be transferred, allocated, or appropriated.
   				All moneys in the Fund shall first be used for debt service payments on
   bonds or obligations for which the Fund is expressly required for making debt
   service payments, to the extent needed. The Fund shall be considered a part of
   the Transportation Trust Fund. 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 for the purposes enumerated in subsection B. Expenditures and
   disbursements from the Fund shall be made by the State Treasurer on warrants
   issued by the Comptroller.

B. The Board shall use the Fund to facilitate the financing of priority
transportation projects throughout the Commonwealth. The Board may use the Fund
by (i) expending amounts therein on such projects directly; (ii) payment to any
authority, locality, commission, or other entity for the purpose of paying the
costs thereof; or (iii) using such amounts to support, secure, or leverage
financing for such projects. No expenditures from or other use of amounts in the
Fund shall be considered in allocating highway maintenance and construction
funds under &#xA7; 33.2-358 or apportioning Transportation Trust Fund funds
under &#xA7; 58.1-638 but shall be in addition thereto. The Board shall use the
Fund to facilitate the financing of priority transportation projects as
designated by the General Assembly, provided that at the discretion of the Board
funds allocated to projects within a transportation district may be allocated
among projects within the same transportation district as needed to meet
construction cash-flow needs.

C. Notwithstanding any other provision of this section, beginning July 1, 2007,
no bonds, obligations, or other evidences of debt (the bonds) that expressly
require as a source for debt service payments or for the repayment of such bonds
the revenues of the Fund shall be issued or entered into, unless at the time of
the issuance the revenues then in the Fund or reasonably anticipated to be
deposited into the Fund pursuant to the law then in effect are by themselves
sufficient to make 100 percent of the contractually required debt service
payments on all such bonds, including any interest related thereto and the
retirement of such bonds.

HISTORY: 2000, cc. 1019, 1044, § 33.1-23.03:8; 2007, c. 896; 2013, c. 766;
2014, c. 805; 2020, cc. 1230, 1275.