                                 CODE OF VIRGINIA

ALLOCATION OF PROCEEDS OF COMMONWEALTH OF VIRGINIA TRANSPORTATION CAPITAL
PROJECTS REVENUE BONDS (§ 33.2-365)

The Board shall allocate, use, and distribute the proceeds of any bonds it is
authorized to issue on or after July 1, 2007, pursuant to subdivision 10 of §
33.2-1701, as follows:

1. A minimum of 20 percent of the bond proceeds shall be used for transit
capital as further described in &#xA7; 33.2-1526.2.

2. A minimum of 4.3 percent of the bond proceeds shall be used for rail capital
consistent with the provisions of &#xA7;&#xA7; 33.2-1526.2 and 33.2-1602.

3. The remaining amount of bond proceeds shall be used for paying the costs
incurred or to be incurred for construction of transportation projects with such
bond proceeds used or allocated as follows: (i) first, to match federal highway
funds projected to be made available and allocated to highway and public
transportation capital projects to the extent determined by the Board, for
purposes of allowing additional state construction funds to be allocated
pursuant to &#xA7; 33.2-358; (ii) second, to provide any required funding to
fulfill the Commonwealth&#8217;s allocation of equivalent revenue sharing
matching funds pursuant to &#xA7; 33.2-357 to the extent determined by the
Board; and (iii) third, to pay or fund the costs of statewide or regional
projects throughout the Commonwealth. Costs incurred or to be incurred for
construction or funding of these transportation projects shall include
environmental and engineering studies; rights-of-way acquisition; improvements
to all modes of transportation; acquisition, construction, and related
improvements; and any financing costs or other financing expenses relating to
such bonds. Such costs may include the payment of interest on such bonds for a
period during construction and not exceeding one year after completion of
construction of the relevant project.

4. The total amount of bonds authorized shall be used for purposes of applying
the percentages in subdivisions 1, 2, and 3.

HISTORY: 2007, c. 896, § 33.1-23.4:01; 2011, cc. 830, 868; 2013, c. 639; 2014,
c. 805; 2015, c. 684; 2020, cc. 1230, 1275.