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2005 SESSION
059012272Be it enacted by the General Assembly of Virginia:
1. That § 58.1-2425 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-2425. Disposition of revenues.
A. All funds collected hereunder by the Commissioner shall be
forthwith paid into the state treasury. Except as otherwise provided in this
section, these funds shall constitute special funds within the Commonwealth
Transportation Fund. Any balances remaining in these funds at the end of the
year shall be available for use in subsequent years for the purposes set forth
in this chapter, and any interest income on such funds shall accrue to these
funds. The revenue so derived, after refunds have been deducted, is hereby
allocated for the construction, reconstruction and maintenance of highways and
the regulation of traffic thereon and for no other purpose. However, (i) all
funds collected pursuant to the provisions of this chapter from manufactured
homes, as defined in § 46.2-100, shall be distributed to the city, town, or
county wherein such manufactured home is to be situated as a dwelling; (ii) all
funds collected from the additional tax imposed by subdivision A 4 of §
58.1-2402 on the rental of daily rental vehicles shall be distributed quarterly
to the city, town, or county wherein such vehicle was delivered to the rentee; (iii) effective
January 1, 1987, an amount equivalent to the net additional revenues generated
by enactments of the 1986 Special Session of the Virginia General Assembly which
amended amending §§ 46.2-694,
46.2-697, 58.1-2401, 58.1-2402, except for the
amendment to subdivision A 3
of § 58.1-2402, and this section shall be
distributed to and paid into the Transportation Trust Fund, a special fund
within the Commonwealth Transportation Fund, and are hereby appropriated to the
Commonwealth Transportation Board for transportation needs; (iv) except as
otherwise provided in clause (iii) of this sentence, all moneys collected from
the tax on the gross proceeds from the rental in Virginia of any motor vehicle
pursuant to subdivision A 3 of § 58.1-2402 at the tax rate in effect on
December 31, 1986, shall be paid by the Commissioner into the state treasury
and shall be set aside in a special fund within the Commonwealth Transportation
Fund to be used to meet the expenses of the Department of Motor Vehicles; and
(v) all additional revenues resulting from the fee imposed under subdivision A
5 of § 58.1-2402 as enacted by the 2004 Session of the General Assembly shall
be used to pay the debt service on the bonds issued by the Virginia Public
Building Authority for the Statewide Agencies Radio System (STARS) for the
Department of State Police pursuant to the authority granted by the 2004
Session of the General Assembly. and (iii) all revenue collected from the taxes imposed under subdivisions
A 3, A 4,
and A 5 of § 58.1-2402 shall be distributed to and paid into the Transportation Trust Fund, a special
fund within the Commonwealth Transportation Fund, and are hereby appropriated
to the Commonwealth Transportation Board for transportation needs.
B. As provided in subsection A of § 58.1-638, of the funds
becoming part of the Transportation Trust Fund pursuant to clause (iii) (ii) of subsection A of
this section, an aggregate of 4.2 percent shall be set aside as
the Commonwealth Port Fund; an aggregate of 2.4 percent shall be set aside as
the Commonwealth Airport Fund; and an aggregate of 14.5 percent in fiscal year
1998-1999 and 14.7 percent in fiscal year 1999-2000 and thereafter shall be set
aside as the Commonwealth Mass Transit Fund.