                                 CODE OF VIRGINIA

PORT OPPORTUNITY FUND (§ 62.1-132.3:1)

A. There is hereby created in the state treasury a special nonreverting fund
that is a subfund of the Commonwealth Port Fund, known as the Port Opportunity
Fund, referred to in this section as &#8220;the Fund.&#8221; The Fund shall be
established on the books of the Comptroller. All funds appropriated for such
purpose and any gifts, donations, grants, bequests, and other funds received on
its behalf shall be paid into the state treasury and credited to the Fund.
Expenditures and disbursements from the Fund shall be made by the State
Treasurer on warrants issued by the Comptroller upon written request signed by
the Executive Director of the Virginia Port Authority or his designee. Interest
earned on moneys in the Fund shall remain in the Fund and be credited to it.
Moneys in the Fund shall be used solely for the purposes enumerated in
subsection C.

B. If the Authority&#8217;s revenues from terminal operations during a fiscal
year exceed its terminal operating expenditures for that year by at least five
percent, the Authority shall request that the Treasurer transfer to the Port
Opportunity Fund an amount of up to five percent of that year&#8217;s revenues
from terminal operations, not to exceed $2 million, unless the Secretary of
Transportation determines that such a transfer is not in the long-term interest
of the Authority. Such determination shall be made in writing by the Secretary
of Transportation to the Executive Director of the Authority. Requests to
transfer such revenues shall be made by August 30 of the ensuing fiscal year.

C. Moneys in the Fund shall be used to fund the development and implementation
of a national and international marketing program and to provide incentives, as
prescribed by the Board of Commissioners, for expanding the use of Virginia Port
Authority facilities for the import and export of containerized and
noncontainerized cargoes.

D. The Authority shall develop, and the Board of Commissioners approve,
guidelines governing the use of incentives that comply with applicable Virginia
laws.

HISTORY: 2012, cc. 846, 849; 2016, c. 714.