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2016 SESSION
16105474DBe it enacted by the General Assembly of Virginia:
1. That § 62.1-132.3:1 of the Code of Virginia is amended and reenacted as follows:
§ 62.1-132.3:1. Port Opportunity Fund.
A. There is hereby created in the state treasury a special
nonreverting fund that is a subfund of the Commonwealth Port Fund, known as the
Port Opportunity Fund, hereinafter referred to in this section as
"the Fund." The Fund shall be established on the books
of the Comptroller. Disbursements All funds appropriated for such
purpose and any gifts, donations, grants, bequests, and other funds received on
its behalf shall be paid into the state treasury and credited to the Fund.
Expenditures and disbursements from the Fund shall be made by the State
Treasurer on warrants issued by the Comptroller upon written request signed by
the Executive Director of the Virginia Port Authority or his designee. Interest
earned on moneys in the Fund shall remain in the Fund and be credited to it.
Moneys in the Fund shall be used solely for the purposes enumerated in
subsection C.
B. If the Authority's revenues from terminal operations during
a fiscal year exceed its terminal operating expenditures for that year by at
least five percent, the Authority shall request that the Treasurer transfer to
the Port Opportunity Fund an amount equal to (i) up to five percent of
that year's revenues from terminal operations, provided that such amount is
greater than $2 million, unless the Secretary of Transportation determines that
such a transfer is not in the long-term interest of the Authority, or (ii) at
least $2 million. Such requests determination shall be made in
writing by the Secretary of Transportation to the Executive Director of the
Authority. Requests for the transfer of funds are to be made by August 30
of the ensuing fiscal year.
C. Revenues Moneys in the Fund shall be used to
fund the development and implementation of a national and international
marketing program and to provide incentives, as prescribed by the Board of
Commissioners, for expanding the use of Virginia Port Authority facilities for
the import and export of containerized and noncontainerized cargoes.
D. The Authority shall develop, and the Board of Commissioners approve, guidelines governing the use of incentives that comply with applicable Virginia laws.