SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2000 SESSION
002745924Be it enacted by the General Assembly of Virginia:
1. That §§ 33.1-268, 33.1-269, 33.1-276, 33.1-277, 33.1-278, 33.1-280, and 33.1-284 of the Code of Virginia are amended and reenacted and that the Code of Virginia is amended by adding a section numbered 33.1-23.03:8 and by adding in Article 2 of Chapter 25 of Title 58.1 a section numbered 58.1-2531 as follows:
§ 33.1-23.03:8. Priority Transportation Fund established.
A. There is hereby created in the state treasury a special nonreverting fund to be known as the Priority Transportation Fund, hereafter referred to as “the Fund.” The Fund shall be established on the books of the Comptroller. All funds as may be designated by the Board for deposit to the Fund shall be paid into the state treasury and credited to the Fund. To foster innovative financing sources to address the Commonwealth's priority transportation needs, any funds received from federal, local government, or private sources for the purposes of the Priority Transportation Fund may be deposited therein at the direction of the Board. The Priority Transportation Fund shall be considered a part of the Transportation Trust 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. Moneys in the Fund shall be used solely for the purposes enumerated in subsection B of this section. Expenditures and disbursements from the Fund shall be made by the State Treasurer on warrants issued by the Comptroller.
B. The Board shall use the Fund to facilitate the financing of priority transportation projects throughout the Commonwealth, determined pursuant to criteria adopted by the Board. The Board may adopt, in whole or in part, the criteria for allocation of construction funds for the primary and secondary system, urban highways, and interstate match established pursuant to §§ 33.1-23.2, 33.1-23.3 and 33.1-23.4. In addition, the Board shall adopt criteria including, but not limited to, vehicle miles traveled divided by lane miles within each transportation district, the accident rate in the transportation corridor served by the proposed project, the potential economic development impact of the proposed project, especially in high unemployment areas of the Commonwealth, and the cost efficiency of the proposed project, including the availability of additional resources such as federal funds and public/private partnerships. The Board may use the Fund either (i) by expending amounts therein on such projects directly, (ii) by payment to any authority, locality, commission or other entity for the purpose of paying the costs thereof, or (iii) by using such amounts to support, secure, or leverage financing for such projects. No expenditures from or other use of amounts in the Fund shall be considered in allocating highway maintenance and construction funds under § 33.1-23.1 or apportioning Transportation Trust Fund funds under § 58.1-638, but shall be in addition thereto. No project may receive more than twenty percent of the funds available in the Fund during any six-year period. The initial six-year period shall begin July 1, 2000, and periods shall not overlap. The Board shall use the Fund to facilitate the financing of priority transportation projects as designated by the General Assembly; provided, however, that, subject to the aforesaid twenty percent cap per project, at the discretion of the Commonwealth Transportation Board, funds may be allocated among such projects as needed to meet construction cash-flow needs.
C. With respect to proceeds of any bonds that are deposited in the Fund and whose interest is intended to be excluded from gross income for federal income tax purposes, the Board and any authority, locality, commission, or other entity to which such amounts are transferred may enter into an agreement to (i) limit the use of such proceeds, (ii) limit the use by private persons of such proceeds and projects funded thereby, (iii) limit the investment of such proceeds, (iv) rebate certain earnings on such investment to the federal government, and (v) take such actions on behalf of the Commonwealth or any such authority, locality, commission or other entity, as applicable, all as may be necessary or desirable to establish and maintain the exclusion from gross income for federal income tax purposes of interest on such bonds.
D. The provisions of this section shall be liberally construed to the end that its beneficial purposes may be effectuated. Insofar as this provision is inconsistent with the provisions of any other general, special, or local law, other than the general appropriation act, this provision shall be controlling.
§ 33.1-268. Definitions.
As used in this article, the following words and terms shall have the following meanings:
(1) The word "Board" means the Commonwealth Transportation Board, or if the Commonwealth Transportation Board is abolished, any board, commission or officer succeeding to the principal functions thereof or upon whom the powers given by this article to the Board shall be given by law.
(2) The word "project" or "projects" means any one or more of the following:
(a) York River Bridges, extending from a point within the Town of Yorktown in York County, or within York County across the York River to Gloucester Point or some point in Gloucester County.
(b) Rappahannock River Bridge, extending from Greys Point, or its vicinity, in Middlesex County, across the Rappahannock River to a point in the vicinity of White Stone, in Lancaster County, or at some other feasible point in the general vicinity of the two respective points.
(c), (d) [Reserved.]
(e) James River Bridge, from a point at or near Jamestown, in James City County, across the James River to a point in Surry County.
(f), (g) [Reserved.]
(h) James River, Chuckatuck and Nansemond River Bridges, together with necessary connecting roads, in the Cities of Newport News and Suffolk and the County of Isle of Wight.
(i) [Reserved.]
(j) Hampton Roads Bridge, Tunnel, or Bridge and Tunnel System, extending from a point or points in the Cities of Newport News and Hampton on the northwest shore of Hampton Roads across Hampton Roads to a point or points in the City of Norfolk or Suffolk on the southeast shore of Hampton Roads.
(k) The Norfolk-Virginia Beach Highway, extending from a point in the vicinity of the intersection of Interstate Route 64 and Primary Route 58 at Norfolk to some feasible point between London Bridge and Primary Route 60.
( l ) The Henrico-James River Bridge, extending from a point on the eastern shore of the James River in Henrico County to a point on the western shore, between Falling Creek and Bells Road interchanges of the Richmond-Petersburg Turnpike; however, the project shall be deemed to include all property, rights, easements and franchises relating to any of the foregoing projects and deemed necessary or convenient for the operation thereof and to include approaches thereto.
(m) The limited access highway between the Patrick Henry Airport area and the Newport News downtown area which generally runs parallel to tracks of the Chesapeake and Ohio Railroad.
(n) Dulles Access Road outer roadways, extending from a point on Route 7 in Loudoun County in an easterly direction to a point east of Route 123 on the Dulles Access Road in Fairfax County. These roadways are to be two or three lanes in each direction constructed adjacent to, and parallel to or extending west from, the Dulles Access Road.
(o), (p) [Repealed.]
(q) Subject to the limitations and approvals of § 33.1-279.1, any other highway for a primary highway transportation improvement district or transportation service district which the Board has agreed to finance under a contract with any such district or any other alternative mechanism for generation of local revenues for specific funding of a project satisfactory to the Commonwealth Transportation Board, the financing for which is to be secured by Transportation Trust Fund revenues under any appropriation made by the General Assembly for that purpose and payable first from revenues received under such contract or other local funding source, second, to the extent required, from funds appropriated and allocated, pursuant to the highway allocation formula as provided by law, to the highway construction district in which the project is located or to the county or counties in which the project is located and third, to the extent required from other legally available revenues of the Trust Fund and from any other available source of funds.
(r) U.S. 58 Corridor Development Program projects as defined in §§ 33.1-221.1:2 and 58.1-815.
(s) The Northern Virginia Transportation District Program as defined in § 33.1-221.1:3.
(t) Any program for highways or mass transit or transportation facilities, endorsed by the local jurisdiction or jurisdictions affected, which agree that certain distributions of state recordation taxes will be dedicated and used for the payment of any bonds or other obligations, including interest thereon, the proceeds of which were used to pay the cost of the program. Any such program shall be referred to as a "Transportation Improvement Program."
(u) Any project included from time to time in the Board's Six-Year Improvement Program financed in whole or part through the issuance of Commonwealth of Virginia Federal Highway Reimbursement Anticipation Notes.
(3) The word "undertaking" means all of the projects authorized to be acquired or constructed under this article.
(4) The word "improvements" means such repairs, replacements, additions and betterments of and to a project acquired by purchase or by condemnation as are deemed necessary to place it in a safe and efficient condition for the use of the public, if such repairs, replacements, additions and betterments are ordered prior to the sale of any bonds for the acquisition of such project.
(5) The term "cost of project" as applied to a project to be acquired by purchase or by condemnation, includes the purchase price or the amount of the award, cost of improvements, financing charges, interest during any period of disuse before completion of improvements, cost of traffic estimates and of engineering and legal expenses, plans, specifications and surveys, estimates of cost and of revenues, other expenses necessary or incident to determining the feasibility or practicability of the enterprises, administrative expenses and such other expenses as may be necessary or incident to the financing herein authorized and the acquisition of the project and the placing of the project in operation.
(6) The term "cost of project" as applied to a project to be constructed, embraces the cost of construction, the cost of all lands, properties, rights, easements and franchises acquired which are deemed necessary for such construction, the cost of acquiring by purchase or condemnation any ferry which is deemed by the Board to be competitive with any bridge to be constructed, the cost of all machinery and equipment, financing charges, interest prior to and during construction and for one year after completion of construction, cost of traffic estimates and of engineering data, engineering and legal expenses, cost of plans, specifications and surveys, estimates of cost and of revenues, other expenses necessary or incident to determining the feasibility or practicability of the enterprise, administrative expense and such other expenses as may be necessary or incident to the financing herein authorized, the construction of the project, the placing of the project in operation and the condemnation of property necessary for such construction and operation.
(7) The word "owner" includes all individuals, incorporated companies, copartnerships, societies or associations having any title or interest in any property rights, easements or franchises authorized to be acquired by this article.
(8) [Repealed.]
(9) The words "revenue" and "revenues" include tolls and any other moneys received or pledged by the Board pursuant to this article, including, without limitation, legally available Transportation Trust Fund revenues and any federal highway reimbursements and any other federal highway assistance received from time to time by the Commonwealth.
(10) The terms "toll project" and "toll projects" mean projects financed in whole or in part through the issuance of revenue bonds which are secured by toll revenues generated by such project or projects.
§ 33.1-269. General powers of Board.
The Commonwealth Transportation Board may, subject to the provisions of this article:
1. Acquire by purchase or by condemnation, construct, improve, operate and maintain any one or more of the projects mentioned and included in the undertaking defined in this article;
2. Issue revenue bonds of the Commonwealth, to be known and designated as "Commonwealth of Virginia Toll Revenue Bonds," payable from earnings and from any other available sources of funds, to pay the cost of such projects;
3. Subject to the limitations and approvals of § 33.1-279.1, issue revenue bonds of the Commonwealth to be known and designated as "Commonwealth of Virginia Transportation Contract Revenue Bonds," secured by Transportation Trust Fund revenues under a payment agreement between the Board and the Treasury Board, subject to their appropriation by the General Assembly and payable first from revenues received pursuant to contracts with a primary highway transportation improvement district or transportation service district or other local revenue sources for which specific funding of any such bonds may be authorized by law; second, to the extent required, from funds appropriated and allocated, pursuant to the highway allocation formula as provided by law, to the highway construction district in which the project or projects to be financed are located or to the county or counties in which the project or projects to be financed are located; and third, to the extent required, from other legally available revenues of the Trust Fund and from any other available source of funds;
4. Issue revenue bonds of the Commonwealth to be known and designated as "Commonwealth of Virginia Transportation Revenue Bonds," secured (i) by revenues received from the U.S. Route 58 Corridor Development Fund, subject to their appropriation by the General Assembly, (ii) to the extent required, from revenues legally available from the Transportation Trust Fund and (iii) to the extent required, from any other legally available funds which have been appropriated by the General Assembly;
4a. Issue revenue bonds of the Commonwealth to be known and designated as "Commonwealth of Virginia Transportation Revenue Bonds," secured, subject to their appropriation by the General Assembly, first from (i) revenues received from the Northern Virginia Transportation District Fund, (ii) to the extent required, funds appropriated and allocated, pursuant to the highway allocation formula as provided by law, to the highway construction district in which the project or projects to be financed are located or to the city or county in which the project or projects to be financed are located, (iii) to the extent required, legally available revenues of the Transportation Trust Fund, and (iv) such other funds which may be appropriated by the General Assembly;
4b. Issue revenue bonds of the Commonwealth to be known and designated as "Commonwealth of Virginia Transportation Program Revenue Bonds" secured, subject to their appropriation by the General Assembly, first from (i) any revenues received from any Set-aside Fund established by the General Assembly pursuant to § 58.1-816.1, (ii) to the extent required, revenues received pursuant to any contract with a local jurisdiction or any alternative mechanism for generation of local revenues for specific funding of a project satisfactory to the Commonwealth Transportation Board, (iii) to the extent required, funds appropriated and allocated, pursuant to the highway allocation formula as provided by law, to the highway construction district in which the project or projects to be financed are located or to the city or county in which the project or projects to be financed are located, (iv) to the extent required, legally available revenues of the Transportation Trust Fund, and (v) such other funds which may be appropriated by the General Assembly. No bonds for any project or projects shall be issued under the authority of this subsection unless such project or projects are specifically included in a bill or resolution passed by the General Assembly;
4c. Issue revenue bonds of the Commonwealth to be known and designated as "Commonwealth of Virginia Transportation Program Revenue Bonds" secured, subject to their appropriation by the General Assembly, first from (i) any revenues received from the Commonwealth Transit Capital Fund established by the General Assembly pursuant to subdivision A 4 g of § 58.1-638, (ii) to the extent required, legally available revenues of the Transportation Trust Fund, and (iii) such other funds which may be appropriated by the General Assembly. No bonds for any project or projects shall be issued under the authority of this subsection unless such project or projects are specifically included in a bill or resolution passed by the General Assembly;
4d. Issue revenue bonds of the Commonwealth from time to time to be known and designated as “Commonwealth of Virginia Federal Highway Reimbursement Anticipation Notes” secured, subject to their appropriation by the General Assembly, (i) first from any federal highway reimbursements and any other federal highway assistance received from time to time by the Commonwealth, (ii) then, at the discretion of the Board, to the extent required, from legally available revenues of the Transportation Trust Fund, and (iii) then from such other funds, if any, which are designated by the General Assembly for such purpose;
5. Fix and collect tolls and other charges for the use of such projects or to refinance the cost of such projects;
6. Construct grade separations at intersections of any projects with public highways, streets or other public ways or places and change and adjust the lines and grades thereof so as to accommodate the same to the design of such grade separations, the cost of such grade separations and any damage incurred in changing and adjusting the lines and grades of such highways, streets, ways and places to be ascertained and paid by the Board as a part of the cost of the project;
7. Vacate or change the location of any portion of any public highway, street or other public way or place and reconstruct the same at such new location as the Board deems most favorable for the project and of substantially the same type and in as good condition as the original highway, streets, way or place, the cost of such reconstruction and any damage incurred in vacating or changing the location thereof to be ascertained and paid by the Board as a part of the cost of the project. Any public highway, street or other public way or place vacated or relocated by the Board shall be vacated or relocated in the manner provided by law for the vacation or relocation of public roads and any damages awarded on account thereof may be paid by the Board as a part of the cost of the project;
8. Make reasonable regulations for the installation, construction, maintenance, repair, renewal and relocation of pipes, mains, sewers, conduits, cables, wires, towers, poles and other equipment and appliances herein called "public utility facilities," of the Commonwealth and of any municipality, county, or other political subdivision, public utility or public service corporation owning or operating the same in, on, along, over or under the project. Whenever the Board determines that it is necessary that any such public utility facilities should be relocated or removed, the Commonwealth or such municipality, county, political subdivision, public utility or public service corporation shall relocate or remove the same in accordance with the order of the Board. The cost and expense of such relocation or removal, including the cost of installing such public utility facilities in a new location or locations, and the cost of any lands or any rights or interests in lands, and any other rights acquired to accomplish such relocation or removal shall be ascertained by the Board.
On any toll project, the Board shall pay the cost and expense of relocation or removal as a part of the cost of the project for those public utility facilities owned or operated by the Commonwealth or such municipality, county, political subdivision, public utility or public service corporation. On all other projects, under this article, the Board shall pay the cost and expense of relocation or removal as a part of the cost of the project for those public utility facilities owned or operated by the Commonwealth or such municipality, county, or political subdivision. The Commonwealth or such municipality, county, political subdivision, public utility or public service corporation may maintain and operate such public utility facilities with the necessary appurtenances, in the new location or locations, for as long a period and upon the same terms and conditions as it had the right to maintain and operate such public utility facilities in their former location or locations;
9. Acquire by the exercise of the power of eminent domain any lands, property, rights, rights-of-way, franchises, easements and other property, including public lands, parks, playgrounds, reservations, highways or parkways, or parts thereof or rights therein, of any municipality, county or other political subdivision, deemed necessary or convenient for the construction or the efficient operation of the project or necessary in the restoration, replacement or relocation of public or private property damaged or destroyed.
The cost of such projects shall be paid solely from the proceeds of Commonwealth of Virginia Toll or Transportation Contract Revenue Bonds or a combination thereof or from such proceeds and from any grant or contribution which may be made thereto pursuant to the provisions of this article; and
10. Notwithstanding any provision of this article to the contrary, the Board shall be authorized to exercise the powers conferred herein, in addition to its general powers to acquire rights-of-way and to construct, operate and maintain state highways, with respect to any project which the General Assembly has authorized or may hereafter authorize to be financed in whole or in part through the issuance of bonds of the Commonwealth pursuant to the provisions of Section 9 (c) of Article X of the Constitution of Virginia.
§ 33.1-276. Revenue bonds.
The Board may provide by resolution, at one time or from time to time, for the
issuance of revenue bonds, notes, or other revenue obligations of the
Commonwealth for the purpose of paying all or any part of the cost as
hereinabove defined of any one or more projects as hereinabove defined. The
principal or purchase price of, and redemption premium, if any, and interest of
on such bonds obligations shall be payable solely from the special funds herein
provided for such payment. "Special funds" for the purposes of this section shall include any such funds established
for Commonwealth of Virginia Toll Revenue Bonds, Commonwealth of Virginia
Transportation Contract Revenue Bonds, or Commonwealth of Virginia
Transportation Revenue Bonds, or Commonwealth of Virginia Federal Highway
Reimbursement Anticipation Notes.
§ 33.1-277. Credit of Commonwealth not pledged.
A. Commonwealth of Virginia Toll Revenue Bonds issued under the provisions of this article shall not be deemed to constitute a debt of the Commonwealth of Virginia or a pledge of the faith and credit of the Commonwealth, but such bonds shall be payable solely from the funds herein provided therefor from tolls and revenues, from bond proceeds or earnings thereon and from any other available sources of funds. All such bonds shall state on their face that the Commonwealth of Virginia is not obligated to pay the same or the interest thereon except from the special fund provided therefor from tolls and revenues under this article, from bond proceeds or earnings thereon and from any other available sources of funds and that the faith and credit of the Commonwealth are not pledged to the payment of the principal or interest of such bonds. The issuance of such revenue bonds under the provisions of this article shall not directly or indirectly or contingently obligate the Commonwealth to levy or to pledge any form of taxation whatever therefor or to make any appropriation for their payment, other than appropriate available funds derived as revenues from tolls and charges under this article or derived from bond proceeds or earnings thereon and from any other available sources of funds.
B. Commonwealth of Virginia Transportation Contract Revenue Bonds issued under the provisions of this article shall not be deemed to constitute a debt of the Commonwealth of Virginia or a pledge of the faith and credit of the Commonwealth, but such bonds shall be payable solely from the funds herein provided therefor (i) from revenues received pursuant to contracts with a primary highway transportation district or transportation service district or any other alternative mechanism for generation of local revenues for specific funding of a project satisfactory to the Commonwealth Transportation Board, (ii) to the extent required, from funds appropriated and allocated, pursuant to the highway allocation formula as provided by law, to the highway construction district in which the project or projects to be financed are located or to the county or counties in which such project or projects are located, (iii) from bond proceeds or earnings thereon, (iv) to the extent required, from other legally available revenues of the Trust Fund, and (v) from any other available source of funds. All such bonds shall state on their face that the Commonwealth of Virginia is not obligated to pay the same or the interest thereon except from revenues in clauses (i) and (iii) hereof and that the faith and credit of the Commonwealth are not pledged to the payment of the principal and interest of such bonds. The issuance of such revenue bonds under the provisions of this article shall not directly or indirectly or contingently obligate the Commonwealth to levy or to pledge any form of taxation whatever or to make any appropriation for their payment, other than to appropriate available funds derived as revenues under this article from the sources set forth in clauses (i) and (iii) hereof. Nothing in this article shall be construed to obligate the General Assembly to make any appropriation of the funds set forth in clause (ii) or (iv) hereof for payment of such bonds.
C. Commonwealth of Virginia Transportation Revenue Bonds issued under the provisions of this article shall not be deemed to constitute a debt of the Commonwealth of Virginia or a pledge of the full faith and credit of the Commonwealth, but such bonds shall be payable solely from the funds herein provided therefor (i) from revenues received from the U.S. Route 58 Corridor Development Fund, subject to their appropriation by the General Assembly, (ii) to the extent required, from revenues legally available from the Transportation Trust Fund and (iii) to the extent required, from any other legally available funds which shall have been appropriated by the General Assembly.
D. Commonwealth of Virginia Transportation Revenue Bonds issued under this article for Category 1 projects as provided in subdivision (2) (s) of § 33.1-268 shall not be deemed to constitute a debt of the Commonwealth of Virginia or a pledge of the faith and credit of the Commonwealth. Such bonds shall be payable solely, subject to their appropriation by the General Assembly, first from (i) revenues received from the Northern Virginia Transportation District Fund, (ii) to the extent required, funds appropriated and allocated, pursuant to the highway allocation formula as provided by law, to the highway construction district in which the project or projects to be financed are located or to the city or county in which the project or projects to be financed are located, (iii) to the extent required, legally available revenues of the Transportation Trust Fund, and (iv) such other funds which may be appropriated by the General Assembly.
E. Commonwealth of Virginia Transportation Program Revenue Bonds issued under this article for projects defined in subdivision (2) (t) of § 33.1-268 shall not be deemed to constitute a debt of the Commonwealth or a pledge of the faith and credit of the Commonwealth. Such bonds shall be payable solely, subject to their appropriation by the General Assembly, first from (i) any revenues received from any Set-aside Fund established by the General Assembly pursuant to § 58.1-816.1, (ii) to the extent required, revenues received pursuant to any contract with a local jurisdiction or any alternative mechanism for generation of local revenues for specific funding of a project satisfactory to the Commonwealth Transportation Board, (iii) to the extent required, funds appropriated and allocated, pursuant to the highway allocation formula as provided by law, to the highway construction district in which the project or projects to be financed are located or to the city or county in which the project or projects to be financed are located, (iv) to the extent required, legally available revenues from the Transportation Trust Fund, and (v) such other funds which may be appropriated by the General Assembly.
F. Commonwealth of Virginia Federal Highway Reimbursement Anticipation Notes issued under this article shall not be deemed to constitute a debt of the Commonwealth of Virginia or a pledge of the full faith and credit of the Commonwealth, but such obligations shall be payable solely, subject to appropriation by the General Assembly, (i) first from any federal highway reimbursements and any other federal highway assistance received from time to time by the Commonwealth, (ii) then, at the discretion of the Board, to the extent required, from legally available revenues of the Transportation Trust Fund, and (iii) then, from such other funds, if any, which are designated by the General Assembly for such purpose.
§ 33.1-278. Form and terms of bonds.
The bonds of such issue shall be dated, shall bear interest at such rate or
rates and shall mature at such time or times, not exceeding forty years from
their date or dates, as may be determined by the Board or by formula or method
established by resolution of the Board, and may be made redeemable before
maturity, at the option of the Board, at such price or prices and under such
terms and conditions as may be fixed by the Board prior to the issuance of the
bonds. The principal or purchase price of, and redemption premium, if any, and
interest of on, such bonds may be made payable in any lawful medium. The
payments of principal and interest may be uniform in amount over the life of
the bond; however, such uniformity shall not be a prerequisite to the issuance
of such bonds. The Board shall determine the form of the bonds, including any
interest coupons to be attached thereto, and shall fix the denomination or
denominations of the bonds and the place or places of payment of principal and
interest thereof, which may be at any bank or trust company within or without
the Commonwealth. The bonds shall be signed by the Commonwealth Transportation
Commissioner chairman or vice-chairman of the Board and the official seal of
the Board shall be affixed thereto and attested by the secretary or assistant
secretary of the Board and any coupons attached thereto shall bear the
facsimile signatures of the Commonwealth Transportation Commissioner chairman
or vice-chairman of the Board. When any officer whose signature appears on the
bonds or coupons ceases to be such officer before the delivery of such bonds, such signature shall
nevertheless be valid and sufficient for all purposes the same as if he such
officer had remained in office until such delivery. All revenue bonds issued
under the provisions of this article shall have and are hereby declared to have, as
between successive holders, all the qualities and incidents of negotiable
instruments under the negotiable instruments law of the Commonwealth. Such
bonds and the income thereof shall be exempt from all taxation within the
Commonwealth. The bonds may be issued in coupon or in registered form, or both,
as the Board may determine, and provision may be made for the registration of
any coupon bond as to principal alone and also as to both principal and
interest and for the reconversion of any bonds registered as to both principal
and interest into coupon bonds. Prior to the preparation of definite bonds, the
Board, under like restrictions, may issue temporary bonds with or without
coupons, exchangeable for definitive bonds upon the issuance of the latter. The
Board may also provide for the replacement of any bond which is mutilated,
destroyed or lost.
§ 33.1-280. Sale of bonds; bonds as legal investments.
The Board may sell such bonds in such manner and for such price as it may
determine to be for the best interests of the Commonwealth, but no such sale
shall be made at a price so low as to require the payment of interest on the
money received therefor at more than six the maximum per centum per annum
approved by the Commonwealth Treasury Board with respect to such obligations in
accordance with § 2.1-179 of the Code of Virginia, as amended, computed with
relation to the absolute maturity of the bonds in accordance with standard tables of bond
values, excluding, however, from such computations the amount of any premium to be paid on
redemption for any bonds prior to maturity.
All bonds heretofore or hereafter issued pursuant to the authority of this article are hereby made securities in which all public officers and bodies of this Commonwealth and all political subdivisions thereof, all insurance companies and associations, all national banks and trust companies, and savings institutions, including savings and loan associations, in the Commonwealth, and all executors, administrators, trustees, and other fiduciaries, both individual or corporate, may properly and legally invest funds within their control.
§ 33.1-284. Trust indenture.
In the discretion of the Board, each or any issue of revenue bonds may be
secured by a trust indenture by and between the Board and a corporate trustee,
which may be any trust company or bank having the trust powers of a trust
company within or outside of the Commonwealth. Such trust indenture may pledge
tolls and revenues to be received, but no such trust indenture shall convey or
mortgage any project or any part thereof. Either the resolution providing for
the issuance of revenue bonds or such trust indenture may contain such
provisions for protecting and enforcing the rights and remedies of the
bondholders as may be reasonable and proper and not in violation of law,
including covenants setting forth the duties of the Board in relation to the
acquisition, construction, improvement, maintenance, operation, repair and
insurance of the projects and the custody, safeguarding and application of all
moneys. Such resolution or trust indenture may also provide that the project or
projects shall be acquired, or acquired and improved, or constructed, and paid
for under the supervision and approval of consulting engineers employed or
designated by the Board and satisfactory to the original purchasers of the
bonds issued therefor and may also require that the security given by
contractors and by any depository of the proceeds of the bonds or revenues of
the project or projects or other moneys pertaining thereto be satisfactory to
such purchasers. Any bank or trust company incorporated under the laws of this
within or outside of the Commonwealth may act as such depository and
furnish such indemnifying bonds or pledge such securities as may be required by the
Board. Such indenture may set forth the rights and remedies of the bondholders
and of the trustee and may restrict the individual right of action of
bondholders as is customary in trust indentures securing bonds and debentures
of corporations. In addition to the foregoing, such trust indenture may contain
such other provisions as the Board may deem reasonable and proper for the
security of the bondholders. Except as in this article otherwise provided, the
Board may provide, by resolution or by such trust indenture, that after the
payment of the proceeds of the sale of the bonds and the revenues of the
project or projects into the state treasury the Board will immediately transfer
or pay same over to such officer, board or depository as it may determine for
the custody thereof and for the method of disbursement thereof, with such
safeguards and restrictions as it may determine. All expenses incurred in
carrying out such trust indenture may be treated as a part of the cost of
maintenance, operation and repairs of the project or projects affected by such
indenture.
§ 58.1-2531. Deposit of certain insurance license tax revenues to Priority Transportation Fund.
A. An amount equal to two-thirds of all insurance license tax imposed pursuant to Chapter 25 (§ 58.1-2500 et seq.) of this title and collected in the immediately preceding fiscal year, as certified by the Comptroller, shall be deposited annually into the Priority Transportation Fund established pursuant to § 33.1-23.03:8. Such deposit shall be made no later than December 1 of the fiscal year.
B. The Governor shall include the amounts required to be deposited to the fund as provided in this section, and as provided in any other law, in his budget bill submitted to the General Assembly pursuant to § 2.1-399.
C. For the purposes of any appropriation act enacted by the General Assembly and for the purposes of the Comptroller's preliminary and final annual reports required by § 2.1-207, all deposits to the Priority Transportation Fund pursuant to this section shall be accounted for and considered to be a part of the general fund of the state treasury.
2. That § 2 of the first enactment of Chapter 8 of the Acts of Assembly of the Second Special Session of 1989, as amended by Chapter 538 of the Acts of Assembly of 1999, is amended and reenacted as follows:
§ 2. The Commonwealth Transportation Board is hereby authorized, by and with the consent of the Governor, to issue, pursuant to the provisions of §§ 33.1-267 through 33.1-295 of the Code of Virginia, at one time or from time to time, bonds of the Commonwealth to be designated "Commonwealth of Virginia Transportation Revenue Bonds, Series .....," in an aggregate principal amount not exceeding $704,300,000 to finance the cost of the project plus an amount for the issuance costs, reserve funds, and other financing expenses. The proceeds of such bonds shall be used exclusively for the purpose of providing funds, with any other available funds, for paying all costs incurred or to be incurred for the construction of an adequate, modern, safe, and efficient highway system, generally along Virginia's southern boundary and which comprises the U.S. Route 58 Corridor Development Program as established in § 33.1-221.1:2, consisting of the environmental and engineering studies, rights-of-way acquisition, construction and related improvements (the Project).
Debt service on the $104.3 million increase in bond issuance authorized by the 1999 Session of the General Assembly shall be paid first, subject to appropriation, from the additional revenues generated by the enactment of House Bill 1275 by the 2000 Session of the General Assembly. Of the $104.3 million increase in bond issuance authorized by the 1999 Session of the General Assembly, $82 million shall be issued for portions of the Project as follows:
Portion of the Project Bond amount
Ben Hur to Pennington Gap in Lee County $9,800,000
Pennington Gap to Dryden in Lee County $35,600,000
Anticipated shortfall on the Danville
Bypass, Clarksville Bypass, Stuart
Bypass, and completion of a gap west
of Jonesville in Lee County $35,100,000
Taylors Valley in Washington County $1,500,000
Total $82,000,000
The remaining balance of the bond issuance in the amount of $22.3 million, together with any bond issuance not necessary to complete the above projects, shall be issued for right-of-way acquisition from the Town of Stuart, in Patrick County along the Route 58 Corridor to it intersection with Interstate 77 in Carroll County.
Such revenue bonds shall be issued by the Commonwealth Transportation Board and sold through the Treasury Board, which is hereby designated the sales and paying agent of the Commonwealth Transportation Board with respect to such bonds. The Treasury Board's duties shall include the approval of the terms and structure of the bonds.
3. That § 2 of Chapter 391 of the Acts of Assembly of 1993, as amended by Chapters 470 and 597 of the Acts of Assembly of 1994, by Chapters 740 and 761 of the Acts of Assembly of 1998, and by Chapter 538 of the Acts of Assembly of 1999, is amended and reenacted as follows:
§ 2. The Commonwealth Transportation Board is hereby authorized, by and with the consent of the Governor, to issue, pursuant to the provisions of §§ 33.1-267 through 33.1-295, at one time or from time to time, bonds of the Commonwealth to be designated "Commonwealth of Virginia Transportation Contract Revenue Bonds, Series .....," in an aggregate principal amount not exceeding $471,200,000 to finance the cost of the projects plus an amount for the issuance costs, capitalized interest, reserve funds, and other financing expenses (the Bonds). The proceeds of the Bonds shall be used exclusively for the purpose of providing funds, with any other available funds, for paying the costs incurred or to be incurred for construction or funding of the projects which comprise the Northern Virginia Transportation District Program as hereinafter defined and as established in Article 5 (§ 33.1-267 et seq.) of Chapter 3 of Title 33.1, consisting of environmental and engineering studies, rights-of-way acquisition, improvements to all modes of transportation, construction and related improvements (the projects). Such costs may include the payment of interest on the Bonds for a period during construction and not exceeding one year after completion of construction of the projects.
The projects shall be classified as Category 1, Category 2, Category 3, and Category 4 projects, each category being subject to different preconditions. Bonds to finance the cost of Category 1 and Category 3 projects may be issued by the Commonwealth Transportation Board. Bonds to finance the cost of Category 2 projects may be issued by the Commonwealth Transportation Board only if the aggregate principal amount of $466,200,000 in bonds has been issued to finance the cost of Category 1 and Category 3 projects. Category 4 projects shall not be financed through the issuance of bonds; however, after all Bonds authorized have been issued, then to the extent the Northern Virginia Transportation District Fund contains amounts in excess of the amount needed to pay annual debt service on such Bonds in a particular fiscal year, such excess amounts may be expended to pay the cost of the work identified as Category 4 projects.
The projects, and the amount of bonds authorized to be issued for each such project, are as follows and constitute the Northern Virginia Transportation District Program:
Category 1 projects Bond amount
Metro Capital Improvements,
including the
Franconia-Springfield
Metrorail Station $ 85,600,000
Fairfax County Parkway $ 87,000,000
Route 234 Bypass $ 73,400,000
Route 7 improvements between
Route 15 and Route 28 in
Loudoun County $ 15,000,000
Total $261,000,000
Category 2 projects consist of the Route 234 Bypass/Route 28 interchange improvements in Prince William County, in the amount of $5,000,000.
Category 3 projects Bond amount
Route 50/Courthouse
Road interchange $10,000,000
Fairfax County Parkway --
Partially-funded segments
between Route 1 and Route 7 $50,000,000
Route 234 Bypass from
Route 28 to Route 234 $15,300,000
Route 28/Route 625
interchange $ 7,900,000
Metrorail Capital Improvements
attributable to the
City of Alexandria,
including the King Street
Metrorail station access $ 8,600,000
Metrorail Capital Improvements,
including new
rail car purchases $29,300,000
Route 15 Safety Improvements Leesburg Town Line to Potomac River $ 10,100,000 Route 1/Route 123 Interchange $ 8,200,000 Lee Highway Improvements City of Fairfax $ 3,100,000 Route 123 Widening Occoquan River to Lee Chapel Road $ 27,000,000 Dulles Corridor Enhanced Transit Program $ 6,000,000 Route 7 Improvements- Loudoun County Line to Reston Parkway $ 10,000,000 Route 7 Improvements- Reston Parkway to Dulles Toll Road $ 3,000,000 Telegraph Road Improvements- S. Kings Highway to Beulah St. $ 5,000,000 Route 1/Route 234 Interchange $ 4,000,000 Potomac-Rappahannock Transportation Commission Bus Replacement Program $ 1,500,000 Metrorail Capital Improvements attributable to Arlington County, including Ballston Station improvements $ 6,200,000
Total 205,200,000
Debt service on the $104.3 million increase in bond issuance authorized by the 1999 Session of the General Assembly shall be paid first, subject to appropriation from the additional revenues generated by the enactment of House Bill 1275 by the 2000 Session of the General Assembly.
The Commonwealth Transportation Board shall only issue the bonds for Category 3 projects in an amount or amounts necessary to expedite or complete the Category 3 projects if the following conditions are satisfied: (i) at least two of the jurisdictions participating in the Northern Virginia Transportation District Program have entered into a contract pursuant to § 58.1-815.1 and (ii) the governing bodies of at least five of the jurisdictions participating in the Northern Virginia Transportation District Program and comprising a majority of population of the jurisdictions participating in such Program have adopted resolutions endorsing the proposed sale or sales of bonds to support the Category 3 projects. Such contracts and resolutions shall remain in force so long as any debts or obligations for Category 3 projects remain outstanding.
The work identified as Category 4 projects to be funded from the Northern Virginia Transportation District Fund, to the extent there are sums in excess of the amount needed to pay debt service on the Bonds in a given fiscal year, is as follows:
Category 4 projects
Such projects as may be concurred in by the local jurisdictions participating in the Northern Virginia Transportation District Program, as evidenced by resolutions adopted by an affirmative vote of each of the jurisdictions participating in the Northern Virginia Transportation District Program and subject to such guidelines and conditions as may be promulgated by the Commonwealth Transportation Board.
The Bonds shall be issued by the Commonwealth Transportation Board and sold through the Treasury Board, which is hereby designated the sales and paying agent of the Commonwealth Transportation Board with respect to the Bonds. The Treasury Board's duties shall include the approval of the terms and structure of the Bonds. In the event the aggregate principal amount of the issuance, for the projects and amounts authorized by the 1994 amendments to Chapter 391 of the Acts of Assembly of 1993, is less than $127,000,000, the Commonwealth Transportation Board shall cause each Category 1 project to be shared in the reduced issuance by reducing the proceeds of the Bonds for each of the Category 1 projects on a pro rata basis.
4. That the Commonwealth Transportation Board is authorized, by and with the consent of the Governor, to issue Commonwealth of Virginia Federal Highway Reimbursement Anticipation Notes, as follows:
Whereas, Section 9(d) of Article X of the Constitution of Virginia and §§ 33.1-267 through 33.1-295 of the Code of Virginia, as amended, provide that the General Assembly may authorize the issuance of bonds or notes secured and payable subject to appropriations therefor by the General Assembly; and
Whereas, in accordance with the National Highway System Designation Act of 1995, and the federal Transportation Equity Act for the 21st Century, states may issue Grant Anticipation Revenue Vehicles or “GARVEES,” which are securities issued in anticipation of, and payable from, federal reimbursements with respect to federal aid transportation projects; and
Whereas, utilizing GARVEES, to be designated as Commonwealth of Virginia Federal Highway Reimbursement Anticipation Notes, to finance transportation projects to be designated by the General Assembly can accelerate such projects and can result in cost savings to the Commonwealth, since those projects can be delivered significantly sooner than would be possible with traditional funding mechanisms and can be completed at costs obtainable sooner rather than when such traditional funding would be available; and
Whereas, it is in the best interests of the Commonwealth to develop such new and innovative methods for ongoing funding and acceleration of critical transportation projects; now, therefore,
§ 1. This Act shall be known and may be cited as the "Commonwealth of Virginia Federal Highway Reimbursement Anticipation Notes Act of 2000."
§ 2. The Commonwealth Transportation Board is hereby authorized, by and with the consent of the Governor, to issue, pursuant to the provisions of §§ 33.1-267 through 33.1-295 of the Code of Virginia, as amended, from time to time revenue obligations of the Commonwealth to be designated “Commonwealth of Virginia Federal Highway Reimbursement Anticipation Notes, Series ….,” provided that the aggregate principal amount outstanding at any time shall not exceed $800,000,000 (exclusive of any obligations that may be issued to refund such notes in accordance with § 33.1-293 of the Code of Virginia, as amended) plus an amount for issuance costs, capitalized interest, reserve funds, and other financing expenses, including, without limitation, any original issue discount (the Notes). The proceeds of the Notes shall be used exclusively for the purpose of providing funds, together with any other available funds, for paying the costs, which may include the payment of interest on the Notes for a period during construction and not exceeding one year after completion of construction of the projects financed by such notes, incurred or to be incurred for construction or funding of projects to be designated by the General Assembly; provided, however, at the discretion of the Commonwealth Transportation Board, funds may be allocated among such projects as needed to meet construction cash-flow needs.
§ 3. The proceeds of Notes, including any premium received on the sale thereof, shall be made available by the Commonwealth Transportation Board to pay costs of the projects and, where appropriate, may be paid to any authority, locality, commission or other entity for the purposes of paying for costs of the projects. The proceeds of Notes may be used together with any federal, local or private funds that may be made available for such purpose. The proceeds of Notes, together with any investment earnings thereon, may at the discretion of the Commonwealth Transportation Board secure the payment of principal or purchase price of and redemption premium, if any, and interest on Notes.
§ 4. The terms and structure of each issue of Notes shall be determined by the Commonwealth Transportation Board, subject to approval by the Treasury Board in accordance with § 2.1-179 of the Code of Virginia, as amended. The Notes of each issue shall be dated, shall be issued in a principal amount (subject to the limitation as to amount outstanding at any one time set forth in § 2), shall bear interest at such rate or rates which may be fixed, adjustable, variable or a combination thereof, and may be determined by a formula or other method, shall mature at such time or times not exceeding fifteen years after the issuance thereof, and may be made subject to purchase or redemption before their maturity or maturities, at such price or prices and under such terms and conditions, all as may be determined by the Commonwealth Transportation Board. The Commonwealth Transportation Board shall determine the form of the Notes, whether Notes are certificated or uncertificated, and fix the authorized denomination or denominations of Notes and the place or places of payment of principal or purchase price of, and redemption premium, if any, and interest on, Notes, which may be at the office of the State Treasurer or any bank or trust company within or without the Commonwealth. The principal or purchase price of, and redemption premium, if any, and interest on, Notes shall be made payable in lawful money of the United States of America. Each issue of Notes may be issued under a system of book entry for recording the ownership and transfer of ownership of rights to receive payments of principal or purchase price of and redemption premium, if any, and interest on such Notes. All Notes shall have and are hereby declared to have, as between successive holders, all the qualities and incidents of negotiable instruments under the negotiable instruments law of the Commonwealth.
The Commonwealth Transportation Board may sell Notes from time to time at public or private sale, by competitive bidding, negotiated sale or private placement, for such price or prices as it may determine to be in the best interests of the Commonwealth.
§ 5. The Notes shall be signed on behalf of the Commonwealth Transportation
Board by the chairman or vice chairman of the Commonwealth Transportation
Board, or shall bear the facsimile signature of such officer, and shall bear
the official seal of the Board, which shall be attested by the manual or
facsimile signature of the secretary or assistant secretary of the Commonwealth
Transportation Board. In the event that Notes shall bear the facsimile
signature of the chairman or vice-chairman of the Commonwealth Transportation
Board, such Notes shall be signed by such administrative assistant as the chairman of the
Transportation Board shall determine or by any registrar/paying agent that may be designated by the
Commonwealth Transportation Board. In case any officer whose signature or a
facsimile of whose signature appears on any Notes shall cease to be such
officer before the delivery of such Notes, such signature or facsimile
signature nevertheless shall be valid and sufficient for all purposes as if
such officer had remained in office until such delivery.
§ 6. All expenses incurred under this Act or in connection with issuance of Notes shall be paid from the proceeds of such Notes or from any available funds as the Commonwealth Transportation Board shall determine.
§ 7. The Commonwealth Transportation Board is hereby authorized to borrow money at such rate or rates through the execution and issuance of notes for the same, but only in the following circumstances and under the following conditions:
a. In anticipation of the sale of Notes the issuance of which shall have been authorized by the Commonwealth Transportation Board and shall have been approved by the Governor, if the Commonwealth Transportation Board shall deem it advisable to postpone the issuance of such Notes; or
b. For the renewal of any anticipation notes herein authorized.
§ 8. The proceeds of Notes and of any anticipation notes herein authorized (except the proceeds of the Notes the issuance of which has been anticipated by such anticipation notes) shall be placed by the State Treasurer in a special fund in the state treasury, or may be placed with a trustee in accordance with § 33.1-283 of the Code of Virginia, as amended, and shall be disbursed only for the purpose for which such Notes and such anticipation notes shall be issued; provided, however, proceeds derived from the sale of Notes herein authorized shall be first used in the payment of any anticipation notes that may have been issued in anticipation of the sale of such Notes and any renewals of such notes. The proceeds of Notes and of any anticipation notes herein authorized, together with any investment earnings thereon, shall not be taken into account in computing, and shall be in addition to funds allocated pursuant to, the highway allocation formula set forth in § 33.1-23.1 of the Code of Virginia, as amended.
§ 9. The Commonwealth Transportation Board is hereby authorized to receive any other funds that may be made available to pay costs of the projects and, subject to appropriation, to make available the same to the payment of the principal or purchase price of, and redemption premium, if any, and interest on, Notes authorized hereby and to enter into the appropriate agreements to allow for those funds to be paid in to the state treasury, or to a trustee in accordance with § 33.1-283 of the Code of Virginia, as amended, to pay a part of the costs of the projects or to pay principal or purchase price of, and redemption premium, if any, and interest on Notes.
§ 10. In accordance with Section 7 of Article X of the Constitution of Virginia and § 2.1-180 of the Code of Virginia, as amended, all federal highway reimbursements and other federal highway assistance received by the Commonwealth from time to time shall be paid into the state treasury. The Commonwealth Transportation Board, in connection with the issuance of Notes, shall establish a fund in accordance with § 33.1-286 of the Code of Virginia, as amended, either in the state treasury or with a trustee in accordance with § 33.1- 283 of the Code of Virginia, as amended, which shall secure and be used for the payment of Notes to the credit of which there shall be deposited such amounts, appropriated therefor by the General Assembly, as are required to pay principal or purchase price of, and redemption premium, if any, and interest on, Notes, as and when due and payable, (i) first from any federal highway reimbursements and any other federal highway assistance received from time to time by the Commonwealth, (ii) then, at the discretion of the Commonwealth Transportation Board, to the extent required, from legally available revenues of the Transportation Trust Fund, and (iii) then from such other funds, if any, which may be designated by the General Assembly for such purpose.
§ 11. Note proceeds and moneys in any reserve funds and sinking funds in respect of Notes shall be invested by the State Treasurer in accordance with the provisions of general law relating to the investment of such funds belonging to or in the control of the Commonwealth, or by a trustee in accordance with § 33.1-283 of the Code of Virginia, as amended.
§ 12. The interest income from, and any profit made on the sale of, the obligations issued under the provisions of this Act shall at all times be free and exempt from taxation by the Commonwealth and by any municipality, county or other political subdivision thereof.
§ 13. All obligations issued under the provisions of this Act are hereby made securities in which all persons and entities listed in § 33.1-280 of the Code of Virginia, as amended, may properly and legally invest funds under their control.
5. That the General Assembly designates the following projects for funding from the Priority Transportation Fund and from the proceeds of the notes issued pursuant to the fourth enactment of this act and from any other available funds for such projects:
STATEWIDE PROJECTS
Bus & shuttle vehicles in Hampton Roads, Richmond, Roanoke, Lynchburg, Fredericksburg, Danville, Charlottesville, Prince William, and Northern Virginia, Rappahannock and Dulles regions
Bus, van, shuttle vehicles in Bay Transit--Northern Neck, CATS, Central Virginia, Farmville, Four County, Bluefield, District Three, Mountain Empire, RADAR, Greene County, JAUNT, Winchester, Loudoun, FRED, Blacksburg, and Harrisonburg
Statewide Transit Technology and Facilities in Richmond, Hampton Roads, Winchester, Harrisonburg, Roanoke, Lynchburg, Fredericksburg, Danville and Charlottesville
Route 58 Corridor Development Program
Intercity Rail Capital Investments
passenger rail service to Bristol, Roanoke, Lynchburg, Richmond,
Hampton Roads, and/or Washington, D.C.
Telecommuting Tax Credits
Virginia Airports Revolving Fund
Metrorail Parking Expansion
VRE Express Service Capital
Metrorail Rolling Stock Replacement
I-81 Improvements
Coalfields Expressway
Smithsonian Air and Space Museum
Dulles Corridor Enhanced Transit
I-66/I-495 Interchange
I-95 Fourth Lane - Fairfax and Prince William Counties
I-66 Widening and Rail Extension
Hampton Roads Third Crossing/Intermodal Connector/I-564
Hampton Blvd. Interchange
I-64 Improvements - Hampton and Newport News
Norfolk Harbor Deepening
Woodrow Wilson Bridge
I-73
I-64 Widening - Hampton/Newport News to Richmond
6. That the General Assembly designates the following projects for funding in FY 01 - FY 06 from the proceeds from the bonds issued pursuant to the fourth enactment of this act and from any other available funds for such projects:
BRISTOL DISTRICT PROJECTS
Scott County - Route 72, Moccasin Gap $22,500,000
Washington County - Route 91 4,600,000
Bland County - Route 10 at Bastian Rest Area 150,000
Wise County - Route 58, E. Route 72 - Little Tom Tunnel 1,100,000
Wise County - Route 83 at Pound High School 250,000
Norton - Route 23, Park Avenue 365,000
Town of Wise - Route 23, Norton Road 150,000
Richlands - Route 460, Front Street over Clinch River 440,000
Bluefield - Virginia Avenue & Hockman Pike over Bluestone River 300,000
Norton - Citywide Signal Replacement 200,000
Tazewell - Ben Holt Avenue 200,000
Route 58 - Abingdon to Damascus 17,500,000
Bluefield - Signalization at Route 460 and Commerce Drive 800,000
TOTAL $48,555,000
CULPEPER DISTRICT PROJECTS
Fauquier County - Route 652 at Vint Hill Road $451,000
Town of Culpeper - Old Rixeyville Road over Mountain Run 750,000
Albemarle County - Carters Bridge over Hardware River 900,000
Albemarle County - Route 53 over Buck Island Creek 200,000
Madison County - Route 231, over White Oak Run 476,000
Louisa - Route 33 Relocation & Widening 6,000,000
Louisa - Route 208 4,000,000
TOTAL $12,700,000
FREDERICKSBURG DISTRICT PROJECTS
Stafford County - Route 95/627 Interchange $17,400,000
King William County - Route 33, West Point Bridges 45,000,000
Stafford County - Route 218 7,100,000
Essex County - Route 17, Hoskins Creek Bridge 2,600,000
Spotsylvania Courthouse Bypass-Route 208 16,000,000
Caroline - I-95 Interchange Improvement at Ladysmith 4,300,000
Regional - Route 17 Improvements from Route 2 to Route 301 6,700,000
Spotsylvania County - Route 3 Improvements 7,000,000
TOTAL $106,100,000
LYNCHBURG DISTRICT PROJECTS
Lynchburg/Madison Heights Bypass $103,794,000
Cumberland County - Route 45, Route 614 to Route 611 1,800,000
Appomattox County - Route 60 over David Creek 1,500,000
Nelson County - Route 151 over Tye River 1,440,000
Farmville - East Third Street 260,000
Campbell Co. - Route 501 to South Boston at Route 360 3,500,000
TOTAL $112,294,000
NORTHERN VIRGINIA DISTRICT PROJECTS
Prince William County - I-66, Route 234/Gainesville $86,100,000
Loudoun County - Route 28, Route 625 Interchange 14,600,000
Fairfax County - Route 29, 495 to Cedar Lane 12,300,000
Fairfax County - Route 28/29 Interchange 6,500,000
Fairfax County - Route 66, Stringfellow Road 2,000,000
Prince William County - Route 1, at Neabsco Creek 9,600,000
Fairfax County - Route 66, Lighting from I-495 to Route 234 2,900,000
Fairfax County - Route 66, Lighting from WW Bridge
To American Legion Bridge 1,000,000
Prince William County - Route 234, 3.5 - 1.8 miles
South of Manassas Corporate Limits 1,900,000
Manassas Park - Digital Drive/West Carondelet Drive 900,000
Fairfax and Prince William - Route 1 Improvements 30,000,000
Prince William - Prince William Parkway/I-95 Commuter
Lot Expansion 4,000,000
Loudoun - Route 606/Route 28 Interchange 14,000,000
Fairfax - Fairfax Parkway Improvements 10,000,000
Fairfax - Tysons Corner Route 123 and Route 7 Improvements 9,400,000
Virginia Airport Surface Access in Manassas 3,000,000
TOTAL $208,200,000
RICHMOND DISTRICT PROJECTS
Hanover and Henrico Counties - Route 95, Atlee/Elmont $7,300,000
Regional - Route 60 to West Creek Parkway (Route 288) 38,500,000
Chesterfield County-Charter Colony Parkway to Route 60
(Route 288) 32,900,000
Chesterfield County - Route 360, Genito Road 1,900,000
City of Richmond - Whitehead Road 4,960,000
City of Richmond - German School Road 2,860,000
City of Petersburg - Graham Road 3,000,000
Henrico County - Route 64 Over Acca Yards 4,200,000
Henrico County - Route 1, 295 to Hanover County Line 290,000
Henrico County - Route 5 at Wilson Road 100,000
Powhatan County - Route 13 at Powhatan Courthouse Area 361,000
Chesterfield County - Route 1 at CSX Transportation 2,300,000
Henrico County - Route 156 at White Oak Swamp 650,000
Goochland County - Route 250. W. of Henrico Co. line to
Route 623 1,400,000
Nottoway County - Route 460 at Norfolk South Railroad 950,000
Ashland - Route 1, England to Pleasants 250,000
Ashland - Route 1, Pleasants to Ash Cake 1,000,000
Petersburg - Rives Road 1,600,000
South Hill - Raleigh Avenue Extension 100,000
Hanover - Route 360 8,000,000
Henrico - Parham/Patterson Interchange 5,000,000
Hanover County-Route 33 from Route 623 to Henrico County Line 15,000,000
Virginia Airport Surface Access in Richmond (I-895 Connector) 5,000,000
Regional - Route 288 25,000,000
TOTAL $162,621,000
SALEM DISTRICT PROJECTS
Roanoke County - Route 11/460 13,000,000
Bedford County - Route 221 5,400,000
Botetourt County - Route 220 4,220,000
Christiansburg - Peppers Ferry Road 2,740,000
Carroll County - Route 94, Route 602 - 1.2 km north 500,000
Montgomery County - Route 460, South Limit Blacksburg 1,800,000
Bedford - East Main Street 525,000
Pulaski - East Main Street 1,640,000
Pulaski - Duncan Avenue over Peak Creek 550,000
Narrows - Riverview, Main and Monroe Streets 300,000
Pearisburg - Henson Avenue 270,000
TOTAL $30,945,000
STAUNTON DISTRICT PROJECTS
Augusta County and Warren Counties - Route 340 (3 projects) 6,375,000
Augusta County - Route 81, at Mount Sydney Rest Area 1,300,000
Frederick County - Route 522 at Isaacs Creek 414,000
Staunton - Commerce Avenue 150,000
Bridgewater - Main Street 280,000
Buena Vista - Sycamore Avenue 815,000
Lexington - Lime Kiln Road 750,000
TOTAL $10,084,000
SUFFOLK DISTRICT PROJECTS
I-64 - I-664/Hampton Roads Center Parkway $29,400,000
Route 125 - Kings Highway Bridge 11,900,000
Norfolk - Hampton Boulevard 7,650,000
Newport News - Middleground Boulevard 14,300,000
Hampton - Commander Shepard Boulevard 4,880,000
Surry County - Route 10 around Route 617 441,000
Sussex County - Route 40 at Blackwater River 200,000
Norfolk - Shore Drive over Pretty Lake 2,200,000
Newport News - Jefferson Avenue 1,580,000
Chesapeake - Kempsville Avenue 625,000
Portsmouth - Turnpike Road 3,320,000
Smithfield, South Church Street 635,000
Emporia - Sunnyside Road over CSX Railroad 770,000
Chesapeake - Dominion Boulevard and Route 104 50,000,000
Virginia Beach - I-264 Interchange Improvements at I-64,
Rosemont, Witch Duck and Lynnhaven 70,000,000
Regional - Route 460 Improvements 25,000,000
Isle of Wight County - Route 260 Connector to Route 58 10,000,000
TOTAL $232,901,000
GRAND TOTAL $924,400,000
7. That, as a condition of the financial assistance provided by this act, no city or county may reduce its local contribution to Metrorail capital improvements below the FY 00 local contribution to Metrorail capital improvements.
8. That, starting with the fiscal year beginning July 1, 2000, the additional revenues attributable the Virginia Fuels Tax Act (HB 1275), less amounts paid for debt service on certain bonds as set forth in the second and third enactments of this act, shall be deposited annually into the Priority Transportation Fund established pursuant to § 33.1-23.03:8. The Governor shall include such amounts required to be deposited to the Fund as provided in this section, and as provided in any other law, in his budget bill submitted to the General Assembly pursuant to § 33.1-23.03:8.
9. That, beginning July 1, 2001, thirty percent of the payments to be received by the Commonwealth from the settlement agreement and related documents between the Commonwealth and leading United States tobacco product manufacturers dated November 23, 1998, including the Consent Decree and Final Judgment entered in the Circuit Court of the City of Richmond on February 23, 1999, Chancery Number HJ-2241-6, are allocated to transportation needs and shall be deposited in the Priority Transportation Fund.
10. That, insofar as the provisions of this act are inconsistent with the provisions of any other general, special or local law, the provisions of this act shall be controlling.
11. That if any clause, sentence, paragraph, section, or part of this act or the application thereof to any person or circumstance is adjudged invalid by any court of competent jurisdiction, such judgment shall not affect the validity of the remainder hereof but shall be confined to the clause, sentence, paragraph, section, or part hereof directly involved in the controversy in which such judgment shall have been rendered, and to this end the provisions of this act are severable.