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2010 SESSION
10102281DBe it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding a section numbered 33.1-23.02:1 as follows:
§ 33.1-23.02:1. Establishment and use of regional accounts by the Commonwealth Transportation Board for funding of specific transportation projects.
The Commonwealth
Transportation Board shall establish a system of regional accounts, whereby (i) new
transportation revenues generated on and after July 1, 2010, and
(ii) increased transportation revenues from sources established prior to July
1, 2010, but increased on or after that date shall be deposited. A separate
account shall be established for each of the highway
construction districts mentioned in § 33.1-2. New
and increased revenues, as heretofore provided for, shall be established into
the accounts, based upon where the revenue was generated. The Commonwealth Transportation Board shall
allocate from these regional accounts revenues necessary for the construction
of specific transportation projects in each highway construction district. The
system of allocations is intended to supplement and not replace other
allocation formulas and procedures provided for in this chapter.