                                 CODE OF VIRGINIA

TRANSPORTATION IMPROVEMENT PROGRAM SET-ASIDE FUND (§ 58.1-816.1)

There is hereby created in the Department of the Treasury a special nonreverting
fund which shall be a part of the Transportation Trust Fund established pursuant
to § 33.2-1524.1 and which shall be known as the Transportation Improvement
Program Set-aside Fund (&#8220;Set-aside Fund&#8221;), consisting of transfers
pursuant to § 58.1-816 of annual collections of the state recordation taxes
attributable to any local jurisdiction which adopts an ordinance to dedicate and
use its share of state recordation tax distributions for transportation
purposes; however, this dedication shall not affect the local recordation taxes
under §§ 58.1-802 B and 58.1-814. Any local jurisdiction making such an
election shall transmit a copy of its ordinance to the State Treasurer at least
ninety days before transfers to the Set-aside Fund are to take effect. The State
Treasurer is hereby authorized to commingle the funds of the various local
jurisdictions in the Set-aside Fund, subject to the establishment of an
accounting system which allows for the separate tracking of each local
jurisdiction&#8217;s share. The election to participate in the Set-aside Fund
shall be revocable by the passage of an ordinance to that effect; however, if
debt has been issued or other obligations incurred on the local
jurisdiction&#8217;s behalf, the election to participate shall be irrevocable so
long as such bonds, or other obligations, are outstanding. A permitted
revocation shall entitle the local jurisdiction to receive its remaining share,
plus earnings and less the Treasurer&#8217;s investment charges.
		The Set-aside Fund shall also include such other funds as may be appropriated
by the General Assembly from time to time and designated for the Set-aside Fund
and all interest, dividends and appreciation which may accrue thereto. Any
moneys remaining in the Set-aside Fund at the end of a biennium shall not revert
to the general fund, but shall remain in the Set-aside Fund. Allocations from
the Set-aside Fund may be paid to any authority, locality or commission for the
purposes of paying the costs of any Transportation Improvement Program in which
the local jurisdiction elects to participate.

HISTORY: 1993, c. 391; 2020, cc. 1230, 1275.