                                 CODE OF VIRGINIA

AGREEMENTS WITH THE COMMONWEALTH TRANSPORTATION BOARD; PAYMENT OF SPECIAL
IMPROVEMENTS TAX TO TRANSPORTATION TRUST FUND (§ 33.2-2106)

A. In addition to any other power conferred by this chapter, the district may
contract with the Commonwealth Transportation Board for the Commonwealth
Transportation Board to perform any of the purposes of the district.
			The district may agree by contract to pay all or a portion of the special
improvements tax to the Commonwealth Transportation Board.
			Prior to executing any such contract, the district shall seek the agreement
of the governing body that the county&#8217;s officer charged with the
responsibility for preparing the county&#8217;s annual budget shall submit in
the budget for each fiscal year in which any Commonwealth of Virginia
Transportation Contract Revenue Bonds issued for such district are outstanding
all amounts to be paid to the Commonwealth Transportation Board under such
contract during such fiscal year.
			If the amount required to be paid to the Commonwealth Transportation Board
under the contract is not so paid for a period of 60 days after such amount is
due, the Commonwealth Transportation Board shall, until such amount has been
paid, withhold sufficient funds from funds appropriated and allocated, pursuant
to Article 5 (&#xA7; 33.2-351 et seq.) of Chapter 3, to the highway construction
district in which the transportation improvements covered by such contract are
located or to such locality or localities in which such transportation
improvements are located and to use such funds to satisfy the contractual
requirements.

B. While nothing in this chapter shall limit the authority of any county or
participating town to change the classification of property zoned for commercial
or industrial use or used for such purpose upon the written request or approval
of the owner of any property affected by such change after the effective date of
any such contract, should a change in zoning classification so requested result
in a shortfall in the total annual revenues from the imposition of the special
improvements tax and the payments required to be made to the Commonwealth
Transportation Board pursuant to the contract, the district shall request the
governing body to increase the rate of such tax by such amount up to the maximum
authorized rate as may be necessary to prevent such shortfall. If, however, a
deficit remains after any rezoning and adjustment of the tax rate or the rate is
at the maximum authorized rate and cannot be increased, then the amount of funds
otherwise appropriated and allocated, pursuant to the highway allocation formula
as provided by law, to the highway construction district in which the project
covered by such contract is located or to the county shall be reduced by the
amount of such deficit and used to satisfy the deficit.

HISTORY: 2001, c. 611, § 33.1-436; 2014, c. 805.