                                 CODE OF VIRGINIA

COMMUTER RAIL OPERATING AND CAPITAL FUND (§ 33.2-3500)

A. The General Assembly declares it to be in the public interest that developing
and continuing commuter rail operations and developing rail infrastructure,
rolling stock, and support facilities to support commuter rail service are
important elements of a balanced transportation system in the Commonwealth and
further declares that retaining, maintaining, improving, and developing commuter
rail-related infrastructure improvements and operations are essential to the
Commonwealth&#8217;s continued economic growth, vitality, and competitiveness in
national and world markets.

B. There is hereby created in the state treasury a special nonreverting fund to
be known as the Commuter Rail Operating and Capital Fund, referred to in this
section as &#8220;the Fund.&#8221; The Fund shall be established on the books of
the Comptroller and shall consist of funds deposited into the Fund pursuant to
&#xA7; 58.1-2299.20 and other funds as may be set forth in a general
appropriation act or allocated by the Commonwealth Transportation Board. Such
funds shall be paid into the state treasury and credited to the Fund. Interest
earned 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 in the Fund monthly to transportation
districts established pursuant to Chapter 19 (&#xA7; 33.2-1900 et seq.) that on
July 1, 2018, jointly operate a commuter rail system. The amount distributed to
each transportation district shall be determined by multiplying the total amount
of funds available for disbursement by a fraction, the numerator of which shall
be such transportation district&#8217;s share of funding for the commuter rail
service jointly operated by the two transportation districts and the denominator
of which shall be the total funding provided by both transportation districts
for such commuter rail service.

C. If the transportation districts described in subsection B determine that such
moneys distributed to the districts exceed the amount required to meet the
current capital and operating needs of the commuter rail system, they may invest
such excess moneys to the same extent as provided in subsection A of &#xA7;
33.2-1525 for excess funds in the Transportation Trust Fund.

D. 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. Any amounts deposited pursuant to &#xA7; 58.1-2299.20 shall be
considered local funds when used to make a required match for state or federal
transportation grant funds.

HISTORY: 2018, cc. 854, 856.