Bill Text: VA HB274 | 2016 | Regular Session | Prefiled
Bill Title: Hampton Roads Transportation Fund; distribution of Fund.
Spectrum: Bipartisan Bill
Status: (Engrossed - Dead) 2016-02-24 - Incorporated by Transportation [HB274 Detail]
Download: Virginia-2016-HB274-Prefiled.html
16101176D Be it enacted by the General Assembly of Virginia: 1. That §33.2-2600 of the Code of Virginia is amended and reenacted as follows: §33.2-2600. Hampton Roads Transportation Fund. There is hereby created in the state treasury a special
nonreverting fund for Planning District 23 to be known as the Hampton Roads
Transportation Fund, referred to in this chapter as "the Fund." The
Fund shall be established on the books of the Comptroller. All revenues
dedicated to the Fund pursuant to §58.1-638 and Chapter 22.1 (§58.1-2291 et
seq.) of Title 58.1 shall be paid into the state treasury and credited to the
Fund. Interest earned on moneys in the Fund shall remain in the Fund and be
credited to it. Any moneys 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. The moneys deposited in the Fund shall be used solely for
new construction projects on new or existing highways, bridges, and tunnels in
the localities comprising Planning District 23 as approved by the Hampton Roads
Transportation Accountability Commission. The The amounts dedicated to the Fund shall be deposited monthly by the Comptroller into the Fund and thereafter distributed to the Commission as soon as practicable for use in accordance with this chapter. If the Commission determines that such moneys distributed to it exceed the amount required to meet the current needs and demands to fund transportation projects pursuant to this chapter, the Commission may invest such excess moneys in accordance with applicable law. The amounts deposited into the Fund and the distribution and expenditure of such amounts shall not be used to calculate or reduce the share of federal, state, or local revenues otherwise available to participating localities. Further, such revenues and moneys shall not be included in any computation of, or formula for, a locality's ability to pay for public education, upon which appropriations of state revenues to local governments for public education are determined. |