                                 CODE OF VIRGINIA

U.S. ROUTE 58 CORRIDOR DEVELOPMENT PROGRAM (§ 33.2-2301)

A. The General Assembly declares it to be in the public interest that the
economic development needs and economic growth potential of south-central and
Southwest Virginia be addressed by the Fund. Moneys contained in the Fund shall
be used for the costs of providing an adequate, modern, safe, and efficient
highway system, generally along Virginia&#8217;s southern boundary (the
Program), including environmental and engineering studies, rights-of-way
acquisition, construction, improvements, and financing costs.

B. Allocations from the Fund shall be made annually by the Commonwealth
Transportation Board for the creation and enhancement of a safe, efficient
highway system connecting the communities, businesses, places of employment, and
residents of the southwestern-most portion of the Commonwealth to the
communities, businesses, places of employment, and residents of the
southeastern-most portion of the Commonwealth, thereby enhancing the economic
development potential, employment opportunities, mobility, and quality along
such highway.

C. Allocations from the Fund shall not diminish or replace allocations made or
planned to be made from other sources or diminish allocations to which any
highway, project, facility, district, system, or locality would be entitled
under other provisions of this title, but shall be supplemental to other
allocations to the end that highway resource improvements in the U.S. Route 58
Corridor may be accelerated and augmented. Notwithstanding any contrary
provisions of this title, allocations from the Fund may be applied to highway
projects in the Interstate System, primary or secondary state highway system, or
urban highway system. Allocations under this subsection shall not be limited to
projects involving only existing U.S. Route 58 but may be made to projects
involving other highways, provided that the broader goal of creation of an
adequate modern highway system generally along Virginia&#8217;s southern
boundary is served thereby.

D. The Commonwealth Transportation Board may expend such funds from all sources
as may be lawfully available to initiate the Program and to support bonds and
other obligations referenced in subsection F. Any moneys expended from the
Transportation Trust Fund for the Program, other than moneys contained in the
Fund, may be reimbursed from the Fund, to the extent permitted by Article X,
Section 9 of the Constitution of Virginia.

E. The Commonwealth Transportation Board is encouraged to utilize the existing
four-lane divided highways, available rights-of-way acquired for additional
four-laning, bypasses, connectors, and alternate routes.

F. To the extent permitted by Article X, Section 9 of the Constitution of
Virginia, moneys contained in the Fund may be used to secure payment of bonds or
other obligations, and the interest thereon, issued in furtherance of the
purposes of this section. In addition, the Commonwealth Transportation Board is
authorized to receive, dedicate, or use legally available Transportation Trust
Fund revenues and any other available sources of funds to secure the payment of
bonds or other obligations, including interest thereon, in furtherance of the
Program. No bond or other obligations payable from revenues of the Fund shall be
issued unless specifically approved by the General Assembly. No bond or other
obligations, secured in whole or in part by revenues of the Fund, shall pledge
the full faith and credit of the Commonwealth.

G. Forty million dollars shall be transferred annually to the Fund with the
first such transfer to be made on July 1, 1990, or as soon thereafter as
reasonably practicable. Such transfer shall be made by the issuance of a
treasury loan at no interest in the amount of $40 million to the Fund to ensure
that the Fund is fully funded on the first day of the fiscal year. Such treasury
loan shall be repaid from the Commonwealth Transportation Fund pursuant to
subsection C of &#xA7; 33.2-1524. For each fiscal year following July 1, 1990,
the Secretary of Finance is authorized to make additional treasury loans in the
amount of $40 million on July 1 of such fiscal years, and such treasury loans
shall be repaid in a like manner as provided in this subsection.

HISTORY: 1989, c. 286, § 33.1-221.1:2; 2003, c. 302; 2014, c. 805; 2020, cc.
1230, 1275.