                                 CODE OF VIRGINIA

TOLL FACILITIES REVOLVING ACCOUNT (§ 33.2-1529)

A. All definitions of terms in this section shall be as set forth in the
Public-Private Transportation Act of 1995 (&#xA7; 33.2-1800 et seq.).

B. Subject to any obligations to existing bondholders, but notwithstanding
&#xA7;&#xA7; 2.2-1806 and 58.1-13, funds deposited into the Transportation Trust
Fund pursuant to subdivision A 3 of &#xA7; 33.2-1524 shall be held in a separate
subaccount to be designated the Toll Facilities Revolving Account (the Account).
In addition, any funds received from the federal government or any agency or
instrumentality thereof that, pursuant to federal law, may be made available, as
loans or otherwise, to private persons or entities for transportation purposes,
hereinafter referred to as &#8220;federal funds,&#8221; shall be deposited in a
segregated subaccount within the Account. Payments received with respect to any
loan made from such segregated subaccount pursuant to subdivision D 2 shall also
be deposited into such segregated subaccount in the Account.

C. User fees collected in excess of the annual debt service, operations, and
maintenance expenses and necessary administrative costs including any
obligations to the Account and any other obligations for qualifying facilities
with respect to which an agency of the Commonwealth is the responsible public
entity shall be deposited and held in the Regional Toll Facilities Revolving
Subaccount, (the Regional Account), together with all interest, dividends, and
appreciation for use within the metropolitan planning organization region within
which the facility exists. Payments received with respect to any loan made from
such Regional Account pursuant to subdivision D 3 shall also be deposited into
the Regional Account.

D. The Board may make allocations upon such terms and subject to such conditions
as the Board deems appropriate from the following funds for the following
purposes:

   1. From any funds in the Account, exclusive of those in the Regional Account,
   to pay or finance all or part of the costs, including the cost of planning,
   operation, maintenance, and improvements, incurred in connection with the
   acquisition and construction of projects financed in whole or in part as toll
   facilities or to refinance existing toll facilities, provided that any such
   funds allocated from the Account for a planned or operating toll facility
   shall be considered as an advance of funding for which the Account shall be
   reimbursed;

   2. From funds in the segregated subaccount in the Account into which federal
   funds are deposited in conjunction with the Public-Private Transportation Act
   of 1995 (&#xA7; 33.2-1800 et seq.) and pursuant to the terms of a
   comprehensive agreement between a responsible public entity and a private
   operator as provided for in that act:
   				a. To make a loan to such operator to pay any cost of a qualifying
   transportation facility, provided that (i) the operator&#8217;s return on its
   investment is limited to a reasonable rate and (ii) such loan is limited to a
   reasonable term; or
   				b. To pay the Commonwealth&#8217;s or its agency&#8217;s portion of costs
   incurred or to be incurred in accordance with a comprehensive agreement with
   respect to a transportation facility;

   3. From funds in the Regional Account:
   				a. To pay or finance all or part of the costs, including the cost of
   planning, operation, maintenance, and improvements incurred in connection with
   the acquisition and construction of projects financed in whole or in part as
   toll facilities or to refinance existing toll facilities, provided that (i)
   allocations from the Regional Account shall be limited to projects located
   within the same metropolitan planning organization region as the facility that
   generated the excess revenue and (ii) any such funds allocated from the
   Regional Account for a planned or operating toll facility shall be considered
   as an advance of funding for which the Regional Account shall be reimbursed;
   or
   				b. To pay the Commonwealth&#8217;s, its agency&#8217;s, or its political
   subdivision&#8217;s costs incurred or to be incurred in accordance with a
   comprehensive agreement with respect to a transportation facility within the
   same metropolitan planning organization region as the facility that generated
   the excess revenue; and

   4. From any funds in the Account or Regional Account, to pay the Board&#8217;s
   reasonable costs and expenses incurred in (i) the administration and
   management of the Account, (ii) its program of financing or refinancing costs
   of toll facilities, and (iii) the making of loans and paying of costs
   described in subdivisions 1 and 2.

E. The Board may transfer from the Account to the Transportation Trust Fund for
allocation pursuant to &#xA7; 33.2-358 or the Virginia Transportation
Infrastructure Bank pursuant to Article 1 (&#xA7; 33.2-1500 et seq.) any
interest revenues and, subject to applicable federal limitations, federal funds
not committed by the Board to the purposes provided for in subsection D.

F. 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: 1986, Sp. Sess., c. 13, § 33.1-23.03:4; 1995, cc. 545, 576; 1997, c.
501; 2014, c. 805; 2015, cc. 684, 709.