                                 CODE OF VIRGINIA

GENERAL POWERS OF COMMONWEALTH TRANSPORTATION BOARD (§ 33.2-1701)

The Board may, subject to the provisions of this chapter:

1. Acquire by purchase or by condemnation, construct, improve, operate, and
maintain any one or more of the projects mentioned and included in the
undertaking as defined in &#xA7; 33.2-1700;

2. Issue revenue bonds of the Commonwealth to be known and designated as
&#8220;Commonwealth of Virginia Toll Revenue Bonds,&#8221; payable from earnings
and from any other available sources of funds, to pay the cost of such projects;

3. Subject to the limitations and approvals of &#xA7; 33.2-1712, issue revenue
bonds of the Commonwealth to be known and designated as &#8220;Commonwealth of
Virginia Transportation Contract Revenue Bonds,&#8221; secured by Transportation
Trust Fund revenues under a payment agreement between the Board and the Treasury
Board, subject to their appropriation by the General Assembly and payable first
from revenues received pursuant to contracts with a primary highway
transportation improvement district or transportation service district or other
local revenue sources for which specific funding of any such bonds may be
authorized by law; second, to the extent required, from funds appropriated and
allocated, pursuant to the highway allocation formula as provided by law, to the
highway construction district in which the project to be financed is located or
to the county or counties in which the project to be financed is located; and
third, to the extent required, from other legally available revenues of the
Transportation Trust Fund and from any other available source of funds;

4. Issue revenue bonds of the Commonwealth to be known and designated as
&#8220;Commonwealth of Virginia Transportation Revenue Bonds,&#8221; secured (i)
by revenues received from the U.S. Route 58 Corridor Development Fund, subject
to their appropriation by the General Assembly; (ii) to the extent required,
from revenues legally available from the Transportation Trust Fund; and (iii) to
the extent required, from any other legally available funds that have been
appropriated by the General Assembly;

5. Issue revenue bonds of the Commonwealth to be known and designated as
&#8220;Commonwealth of Virginia Transportation Revenue Bonds,&#8221; secured,
subject to their appropriation by the General Assembly, (i) first from revenues
received from the Northern Virginia Transportation District Fund; (ii) to the
extent required, from funds appropriated and allocated, pursuant to the highway
allocation formula as provided by law, to the highway construction district in
which the project to be financed is located or to the city or county in which
the project to be financed is located; (iii) to the extent required, from
legally available revenues of the Transportation Trust Fund; and (iv) from such
other funds that may be appropriated by the General Assembly;

6. Issue revenue bonds of the Commonwealth to be known and designated as
&#8220;Commonwealth of Virginia Transportation Program Revenue Bonds,&#8221;
secured, subject to their appropriation by the General Assembly, (i) first from
any revenues received from any Set-aside Fund established by the General
Assembly pursuant to &#xA7; 58.1-816.1; (ii) to the extent required, from
revenues received pursuant to any contract with a locality or any alternative
mechanism for generation of local revenues for specific funding of a project
satisfactory to the Board; (iii) to the extent required, from funds appropriated
and allocated, pursuant to the highway allocation formula as provided by law, to
the highway construction district in which the project to be financed is located
or to the city or county in which the project to be financed is located; (iv) to
the extent required, from legally available revenues of the Transportation Trust
Fund; and (v) from such other funds that may be appropriated by the General
Assembly. No bonds for any project shall be issued under the authority of this
subdivision unless such project is specifically included in a bill or resolution
passed by the General Assembly;

7. Issue revenue bonds of the Commonwealth to be known and designated as
&#8220;Commonwealth of Virginia Transportation Program Revenue Bonds,&#8221;
secured, subject to their appropriation by the General Assembly, (i) first from
any revenues received from the Commonwealth Transit Capital Fund established by
the General Assembly pursuant to &#xA7; 33.2-1526.2; (ii) to the extent
required, from legally available revenues of the Transportation Trust Fund; and
(iii) from such other funds that may be appropriated by the General Assembly. No
bonds for any project shall be issued under the authority of this subdivision
unless such project is specifically included in a bill or resolution passed by
the General Assembly;

8. Issue revenue bonds of the Commonwealth to be known and designated as
&#8220;Commonwealth of Virginia Federal Highway Reimbursement Anticipation
Notes,&#8221; secured, subject to their appropriation by the General Assembly,
(i) first from any federal highway reimbursements and any other federal highway
assistance received by the Commonwealth; (ii) then, at the discretion of the
Board, to the extent required, from legally available revenues of the
Transportation Trust Fund; and (iii) then from such other funds, if any, that
are designated by the General Assembly for such purpose;

9. Issue revenue bonds of the Commonwealth to be known and designated as
&#8220;Commonwealth of Virginia Credit Assistance Revenue Bonds,&#8221; secured,
subject to their appropriation by the General Assembly, solely from revenues
with respect to or generated by the project being financed thereby and any tolls
or other revenues pledged by the Board as security therefor and in accordance
with the applicable federal credit assistance authorized with respect to such
project by the U.S. Department of Transportation;

10. Issue revenue bonds of the Commonwealth to be known and designated as
&#8220;Commonwealth of Virginia Transportation Capital Projects Revenue
Bonds,&#8221; secured, subject to their appropriation by the General Assembly,
(i) from the revenues deposited into the Priority Transportation Fund
established pursuant to &#xA7; 33.2-1527; (ii) to the extent required, from
revenues legally available from the Transportation Trust Fund; and (iii) to the
extent required, from any other legally available funds;

11. Issue grant anticipation notes of the Commonwealth from time to time to be
known and designated as &#8220;Commonwealth of Virginia Federal Transportation
Grant Anticipation Revenue Notes,&#8221; secured, subject to their appropriation
by the General Assembly, (i) first from the project-specific reimbursements
pursuant to &#xA7; 33.2-1520; (ii) then, at the discretion of the Board, to the
extent required, from legally available revenues of the Transportation Trust
Fund; and (iii) then from such other funds, if any, that are designated by the
General Assembly for such purpose;

12. Issue revenue bonds of the Commonwealth to be known and designated as
&#8220;Commonwealth of Virginia Interstate 81 Program Revenue Bonds,&#8221;
secured, subject to appropriation by the General Assembly, by revenues received
from the Interstate 81 Corridor Improvement Fund from deposits thereto pursuant
to &#xA7; 58.1-2299.20 derived from the receipt of the regional fuels tax levied
pursuant to &#xA7; 58.1-2295;

13. Fix and collect tolls and other charges for the use of such projects or to
refinance the cost of such projects;

14. Construct grade separations at intersections of any projects with public
highways, railways, or streets and adjust the lines and grades thereof so as to
accommodate the same to the design of such grade separations, the cost of such
grade separations and any damage incurred in adjusting the lines and grades of
such highways, railways, or streets to be ascertained and paid by the Board as a
part of the cost of the project;

15. Vacate or change the location of any portion of any public highway and
reconstruct the same at such new location as the Board deems most favorable for
the project and of substantially the same type and in as good condition as the
original highway, the cost of such reconstruction and any damage incurred in
vacating or changing the location thereof to be ascertained and paid by the
Board as a part of the cost of the project. Any public highway vacated or
relocated by the Board shall be vacated or relocated in the manner provided by
law for the vacation or relocation of public highways, and any damages awarded
on account thereof may be paid by the Board as a part of the cost of the
project;

16. Make reasonable regulations for the installation, construction, maintenance,
repair, renewal, and relocation of pipes, mains, sewers, conduits, cables,
wires, towers, poles, and other equipment and appliances, referred to in this
subdivision as &#8220;public utility facilities,&#8221; of the Commonwealth and
of any locality, political subdivision, public utility, or public service
corporation owning or operating the same in, on, along, over, or under the
project. Whenever the Board determines that it is necessary that any such public
utility facilities should be relocated or removed, the Commonwealth or such
locality, political subdivision, public utility, or public service corporation
shall relocate or remove the same in accordance with the order of the Board. The
cost and expense of such relocation or removal, including the cost of installing
such public utility facilities in a new location or locations, the cost of any
lands or any rights or interests in lands, and any other rights acquired to
accomplish such relocation or removal, shall be ascertained by the Board.
			On any toll project, the Board shall pay the cost and expense of relocation
or removal as a part of the cost of the project for those public utility
facilities owned or operated by the Commonwealth or such locality, political
subdivision, public utility, or public service corporation. On all other
projects under this chapter, the Board shall pay the cost and expense of
relocation or removal as a part of the cost of the project for those public
utility facilities owned or operated by the Commonwealth or such locality or
political subdivision. The Commonwealth or such locality, political subdivision,
public utility, or public service corporation may maintain and operate such
public utility facilities with the necessary appurtenances in the new location
for as long a period and upon the same terms and conditions as it had the right
to maintain and operate such public utility facilities in their former location;

17. Acquire by the exercise of the power of eminent domain any lands, property,
rights, rights-of-way, franchises, easements, and other property, including
public lands, parks, playgrounds, reservations, highways, or parkways, or parts
thereof or rights therein, of any locality or political subdivision, deemed
necessary or convenient for the construction or the efficient operation of the
project or necessary in the restoration, replacement, or relocation of public or
private property damaged or destroyed.
			The cost of such projects shall be paid solely from the proceeds of
Commonwealth of Virginia Toll or Transportation Contract Revenue Bonds or a
combination thereof or from such proceeds and from any grant or contribution
that may be made thereto pursuant to the provisions of this chapter;

18. Notwithstanding any provision of this chapter to the contrary, the Board
shall be authorized to exercise the powers conferred in this chapter, in
addition to its general powers to acquire rights-of-way and to construct,
operate, and maintain state highways, with respect to any project that the
General Assembly has authorized or may hereafter authorize to be financed in
whole or in part through the issuance of bonds of the Commonwealth pursuant to
the provisions of Article X, &#xA7; 9 (c) of the Constitution of Virginia;

19. Enter into any agreements or take such other actions as the Board determines
in connection with applying for or obtaining any federal credit assistance,
including without limitation loan guarantees and lines of credit, pursuant to
authorization from the U.S. Department of Transportation with respect to any
project included in the Commonwealth&#8217;s long-range transportation plan and
the approved State Transportation Improvement Program;

20. Issue revenue bonds of the Commonwealth to be known and designated as
&#8220;Commonwealth of Virginia Passenger Rail Facilities Bonds,&#8221; secured,
subject to their appropriation by the General Assembly from net revenues
resulting from tolls, rates, fees, and charges for or in connection with the
use, occupancy, and services of the Transform 66 Inside the Beltway express
lanes project and remaining after payment of expenses incurred in operating such
project&#8217;s toll facilities; and

21. Issue revenue bonds of the Commonwealth to be known and designated as
&#8220;Commonwealth of Virginia Special Structures Program Revenue Bonds,&#8221;
secured, subject to their appropriation by the General Assembly, (i) first from
revenues received from the Special Structure Fund pursuant to &#xA7; 33.2-1532;
(ii) second and to the extent required, from revenues legally available from the
Transportation Trust Fund; and (iii) then to the extent required, from any other
legally available funds.

HISTORY: Code 1950, § 33-229; 1954, c. 319; 1970, c. 322, § 33.1-269; 1982, c.
403; 1986, Sp. Sess., c. 13; 1988, cc. 844, 903; 1989, Sp. Sess., cc. 9, 11;
1990, c. 710; 1991, cc. 666, 713; 1993, cc. 391, 793; 1994, cc. 233, 520, 589,
662; 1995, c. 354; 1996, cc. 23, 143; 1999, c. 898; 2000, cc. 1019, 1044; 2004,
c. 807; 2007, c. 896; 2011, cc. 830, 868; 2013, c. 639; 2014, c. 805; 2020, cc.
1230, 1275; 2025, c. 327.