                                 CODE OF VIRGINIA

INNOVATION AND TECHNOLOGY TRANSPORTATION FUND (§ 33.2-1531)

There is hereby created in the state treasury a special nonreverting fund to be
known as the Innovation and Technology Transportation Fund, referred to in this
section as &#8220;the Fund.&#8221; The Fund shall be established on the books of
the Comptroller. The amount allocated to the Fund pursuant to § 33.2-358 and §
33.2-370 and any funds as may be appropriated by the General Assembly shall be
paid into the state treasury and credited to the Fund. 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 for the purposes of funding pilot programs and fully
developed initiatives pertaining to high-tech infrastructure improvements.
Expenditures and disbursements from the Fund shall be made by the State
Treasurer on warrants issued by the Comptroller upon written request signed by
the Secretary of Transportation. &#8220;High-tech infrastructure
improvements&#8221; means those projects or programs identified by the Board
that reduce congestion, improve mobility, improve safety, provide up-to-date
travel data, or improve emergency response. No later than November 30 each year,
the Commissioner of Highways shall report in writing to the Governor and General
Assembly on the use of moneys in the Fund.

HISTORY: 2014, c. 290; 2015, c. 684.