                                 CODE OF VIRGINIA

RESERVE FUNDS AND APPROPRIATIONS (§ 33.2-1719)

A. In connection with the Commonwealth of Virginia Transportation Contract
Revenue Bonds, the Board may create and establish one or more special funds
(reserve funds) and shall pay into each such reserve fund from bond proceeds and
any moneys appropriated and made available by the Commonwealth for the purpose
of such fund and from any other moneys that may be made available to the Board
for the purpose of such fund from any other source or sources. All moneys held
in any reserve fund shall be used as required solely for the payment of the
principal and interest of Commonwealth of Virginia Transportation Contract
Revenue Bonds.

B. In order to further ensure maintenance of the reserve fund, the Commissioner
of Highways shall annually, on or before December 1, make and deliver to the
Governor and Director of the Department of Planning and Budget his certificate
stating the sum, if any, required to restore each such reserve fund to the
minimum reserve fund requirement for such fund as may be established by the
Board. Within five days after the beginning of each regular session of the
General Assembly, the Governor shall submit to the presiding officer of each
house printed copies of a budget including the sum, if any, required to restore
each such reserve fund to the minimum reserve fund requirement for such fund.
All sums appropriated by the General Assembly for such restoration and paid
shall be deposited by the Board in the applicable reserve fund and shall be
deducted from amounts otherwise allocable pursuant to the highway allocation
formula as provided by law to the highway construction district in which the
project is located or to the county or counties in which the project financed is
located.

HISTORY: 1988, cc. 844, 903, § 33.1-285.1; 2014, c. 805.