                                 CODE OF VIRGINIA

CENTRAL VIRGINIA TRANSPORTATION FUND (§ 33.2-3701)

A. There is hereby created in the state treasury a special nonreverting fund for
Planning District 15 to be known as the Central Virginia Transportation Fund.
The Fund shall be established on the books of the Comptroller. All revenues
dedicated to the Fund pursuant to &#xA7; 58.1-638 and Chapter 22.1 (&#xA7;
58.1-2291 et seq.) of Title 58.1 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 moneys deposited in the Fund shall be used solely
for (i) transportation purposes benefiting the localities comprising Planning
District 15 and (ii) administrative and operating expenses as specified in
subsection B of &#xA7; 33.2-3706.

B. The amounts dedicated to the Fund shall be deposited monthly by the
Comptroller into the Fund and thereafter distributed to the Authority as soon as
practicable for use in accordance with this chapter. If the Authority determines
that such moneys distributed to it exceed the amount required to meet the
current needs and demands to fund transportation purposes pursuant to this
chapter, the Authority may invest such excess moneys to the same extent and in
the same manner as provided in subsection A of &#xA7; 33.2-1525 for excess funds
in the Transportation Trust Fund.

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 localities.
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.

D. After provision for the payment of administrative and operating expenses as
specified in subsection B of § 33.2-3706, the revenues in the Fund shall be
allocated as follows:

   1. Thirty-five percent shall be retained by the Authority to be used for
   transportation-related purposes benefiting the localities comprising Planning
   District 15;

   2. Fifteen percent shall be distributed to the Greater Richmond Transit
   Company (GRTC), or its successor, to provide transit and mobility services in
   Planning District 15; and

   3. Fifty percent shall be returned, proportionally, to each locality located
   in Planning District 15 to be used to improve local mobility, which may
   include construction, maintenance, or expansion of roads, sidewalks, trails,
   mobility services, or transit located in the locality.

E. Each locality&#8217;s share of the revenues returned pursuant to subdivision
D 3 shall be the total of the taxes dedicated to the Fund that are generated or
attributable to the locality divided by the total of such taxes dedicated to the
Fund. Each locality shall create a separate, special fund in which all revenues
received pursuant to subdivision D 3 shall be deposited. Each locality shall
annually provide to the Authority sufficient documentation, as required by the
Authority, showing that the revenues distributed under subdivision D 3 were used
for the purposes set forth therein.

F. The projects and other transportation purposes supported by the revenues
allocated under subdivisions D 1 and 2 shall be approved by the Authority.

G. The GRTC shall create a separate, special fund in which all revenues received
pursuant to subdivision D 2 shall be deposited. The GRTC shall develop a plan
for regional public transportation within Planning District 15 in collaboration
with the Richmond Regional Transportation Planning Organization in conformance
with the guidelines required by &#xA7; 33.2-286. The GRTC shall annually provide
to the Authority sufficient documentation, as required by the Authority, showing
that the revenues distributed under subdivision D 2 were applied in accordance
with Authority approval and the guidelines required by &#xA7; 33.2-286.

H. The Authority shall develop a prioritization process based on an objective
and quantifiable analysis that considers the benefits of projects relative to
their cost. Only projects evaluated using such process may be funded pursuant to
subdivision D 1.

HISTORY: 2020, c. 1235.