                                 CODE OF VIRGINIA

WASHINGTON METROPOLITAN AREA TRANSIT AUTHORITY CAPITAL FUND (§ 33.2-3401)

A. There is hereby created in the state treasury a special nonreverting fund for
the benefit of the Northern Virginia Transportation District to be known as the
Washington Metropolitan Area Transit Authority Capital Fund. The Fund shall be
established on the books of the Comptroller. All revenues dedicated to the Fund
pursuant to &#xA7;&#xA7; 33.2-2400, 33.2-3404, 58.1-802.3, 58.1-1741, 58.1-1743,
and 58.1-2299.20 shall be paid into the state treasury and credited to the Fund
as set forth in subsection B and shall be used for the payment of capital
purposes incurred, or to be incurred, by WMATA. Interest 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. The Comptroller shall
disburse funds to WMATA on a monthly basis if NVTC has provided the
certification required by subsection B of &#xA7; 33.2-3402.

B. 1. Within the Fund, there shall be established a separate, segregated account
into which revenues dedicated to the Fund pursuant to §§ 33.2-2400 and
58.1-1741 shall be deposited (the Restricted Account). Revenues deposited into
the Restricted Account shall be available for use by WMATA for capital purposes
other than for the payment of, or security for, debt service on bonds or other
indebtedness of WMATA.

   2. Within the Fund, there shall be established a separate, segregated account
   into which revenues dedicated to the Fund pursuant to &#xA7;&#xA7; 33.2-3404,
   58.1-802.3, 58.1-1743, and 58.1-2299.20 shall be deposited (the Non-Restricted
   Account). Revenues deposited into the Non-Restricted Account shall be
   available for use by WMATA for capital purposes, including for the payment of,
   or security for, debt service on bonds or other indebtedness of WMATA, or for
   any other WMATA capital purposes.

C. The amounts deposited into the Fund and the distribution and expenditure of
such amounts shall not be used to calculate or reduce the share of federal,
state, or local revenues otherwise available to participating jurisdictions.
Further, such revenues and moneys shall not be included in any computation of,
or formula for, a locality&#8217;s ability to pay for public education, upon
which appropriations of state revenues to local governments for public education
are determined.

HISTORY: 2018, cc. 854, 856.