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2016 SESSION
16102808DBe it enacted by the General Assembly of Virginia:
1. That § 33.2-1526 of the Code of Virginia is amended and reenacted as follows:
§ 33.2-1526. Commonwealth Space Flight Fund, Commonwealth Port Fund, Commonwealth Airport Fund, and Commonwealth Mass Transit Fund.
Of the funds becoming part of the Transportation Trust Fund
pursuant to subdivision 2 of § 33.2-1524, an aggregate of 4.2 percent shall be
set aside as the Commonwealth Port Fund as established in subdivision A 2 of §
58.1-638; an aggregate of 2.4 percent shall be set aside as the Commonwealth Airport
Fund as established in subdivision A 3 of § 58.1-638; and an aggregate of 14.7
percent shall be set aside as the Commonwealth Mass Transit Fund as established
in subdivision A 4 of § 58.1-638. Beginning with the Commonwealth's 2012-2013
fiscal year through the Commonwealth's 2016-2017 2020-2021 fiscal year, each
fiscal year from the funds becoming part of the Transportation Trust Fund
pursuant to subdivision 2 of § 33.2-1524 the Comptroller shall transfer $9.5
million to the Commonwealth Space Flight Fund as established in subdivision A
3a of § 58.1-638. The remaining funds deposited into or held in the
Transportation Trust Fund pursuant to subdivision 2 of § 33.2-1524, together
with funds deposited pursuant to subdivisions 1 and 4 of § 33.2-1524, shall be
expended for capital improvements, including construction, reconstruction,
maintenance, and improvements of highways according to the provisions of
subsection C or D of § 33.2-358 or to secure bonds issued for such purposes, as
provided by the Board and the General Assembly.