                                 CODE OF VIRGINIA

CONCESSION PAYMENTS ACCOUNT (§ 33.2-1528)

A. Concession payments to the Commonwealth deposited into the Transportation
Trust Fund pursuant to subdivision B 2 of &#xA7; 33.2-1524 from qualifying
transportation facilities developed and/or operated pursuant to the
Public-Private Transportation Act of 1995 (&#xA7; 33.2-1800 et seq.) shall be
held in a separate subaccount to be designated the Concession Payments Account,
(the Account) together with all interest, dividends, and appreciation that
accrue to the Account and that are not otherwise specifically directed by law or
reserved by the Board for other purposes allowed by law.

B. The Board may make allocations from the Account upon such terms and subject
to such conditions as the Board deems appropriate to:

   1. Pay or finance all or part of the costs of programs or projects, including
   the costs of planning, operation, maintenance, and improvements incurred in
   connection with the acquisition and construction of projects, provided that
   allocations from the Account shall be limited to programs and projects that
   are reasonably related to or benefit the users of the qualifying
   transportation facility that was the subject of a concession pursuant to the
   Public-Private Transportation Act of 1995 (&#xA7; 33.2-1800 et seq.). The
   priorities of metropolitan planning organizations, planning district
   commissions, local governments, and transportation corridors shall be
   considered by the Board in making project allocations from moneys in the
   Account.

   2. Repay funds from the Toll Facilities Revolving Account or the
   Transportation Partnership Opportunity Fund.

   3. Pay the Board&#8217;s reasonable costs and expenses incurred in the
   administration and management of the Account.

C. Concession payments to the Commonwealth for a qualifying transportation
facility located within the boundaries of a rapid rail project for which a
federal Record of Decision has been issued shall be held in a subaccount
separate from the Concession Payments Account together with all interest,
dividends, and appreciation that accrue to the subaccount. The Board may make
allocations from the subaccount as the Board deems appropriate to:

   1. Pay or finance all or part of the costs of planning, design, land
   acquisition, and improvements incurred in connection with the construction of
   such rapid rail project consistent with the issued federal Record of Decision,
   as may be revised; and

   2. Upon determination by the Board that sufficient funds are or will be
   available to meet the schedule for construction of such rapid rail project,
   pay or finance all or part of the costs of planning, design, land acquisition,
   and improvements incurred in connection with other highway and public
   transportation projects within the corridor of the rapid rail project or
   within the boundaries of the qualifying transportation facility. In the case
   of highway projects, the Board shall follow an approval process generally in
   accordance with subsection B of &#xA7; 33.2-208.

D. The provisions of this section shall be liberally construed to the end that
its beneficial purposes may be effectuated. Insofar as this provision is
inconsistent with the provisions of any other general, special, or local law,
this provision shall be controlling.

HISTORY: 2006, c. 922, § 33.1-23.03:9; 2014, c. 805; 2015, c. 709; 2020, cc.
1230, 1275.