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2012 SESSION

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12102186D
HOUSE BILL NO. 1018 Offered January 11, 2012 Prefiled January 11, 2012 A BILL to amend the Code of Virginia by adding a section numbered 2.2-1509.4, relating to the completion of U.S. Route 58. ---------- Patron-- Poindexter ---------- Referred to Committee on Appropriations ----------

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding a section numbered 2.2-1509.4 as follows:

§ 2.2-1509.4. U.S. Route 58 Corridor Completion Fund.

There is hereby created in the Department of the Treasury a special nonreverting fund which shall be a part of the Transportation Trust Fund and which shall be known as the U.S. Route 58 Corridor Completion Fund (the Fund), consisting of the first $50 million of general fund revenue collected in each fiscal year beginning July 1, 2013. Any moneys remaining in the Fund at the end of the biennium shall not revert to the general fund, but shall remain in the Fund.

The Fund shall be used solely to upgrade, expand, and complete Route 58 as a four-lane highway until its intersection with Interstate 77 in Carroll County.

2.  The provisions of this act shall expire when the Secretary of Transportation certifies to the Governor that Route 58 has been upgraded and expanded to four lanes at its intersection with Interstate 77 in Carroll County. All funds remaining in the U.S. Route 58 Corridor Completion Fund shall revert to the general fund at that time.