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1999 SESSION

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990705445
HOUSE BILL NO. 1715 Offered January 13, 1999 A BILL to amend the Code of Virginia by adding a section numbered 33.1-23.5:1.1, relating to the Virginia Highway Infrastructure Relief Fund. ---------- Patron-- Rust ---------- Referred to Committee on Transportation ----------

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding a section numbered 33.1-23.5:1.1 as follows:

§ 33.1-23.5:1.1. Virginia Highway Infrastructure Relief Fund.

There is hereby established in the state treasury a special permanent, nonreverting fund, to be known as the "Virginia Highway Infrastructure Relief Fund." The Fund shall be established on the books of the Comptroller. The Fund shall consist of sums appropriated to it by the General Assembly which shall include, unless otherwise provided in the general appropriation act, ten percent of the annual general fund revenue collections that are in excess of the official estimates in the general appropriation act and ten percent of any unreserved general fund balance at the close of each fiscal year whose reappropriation is not required in the general appropriation act. The Fund shall also consist of such other sums as may be made available to it from any other source, public or private, federal grants solicited and received for the specific purposes of the Fund, and all interest and income from investment of the Fund. Any sums 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. All moneys designated for the Fund shall be paid into the state treasury and credited to the Fund. Moneys in the Fund shall be used solely for highway construction and shall be allocated in the same manner that other funds available for highway construction purposes are allocated under this article. No portion of the Fund shall be allocated to the Commonwealth Port Fund, the Commonwealth Airport Fund, or the Commonwealth Mass Transit Fund.

2. That the provisions of this act shall expire on January 1, 2004.