A. The net proceeds of the Notes shall be used exclusively for the purpose of providing funds, together with any other available funds, for paying the costs incurred or to be incurred for construction or funding of such projects to be designated by the Board.
B. The proceeds of Notes, including any premium received on the sale thereof, shall be made available by the Board to pay costs of the projects and, where appropriate, may be paid to any authority, locality, commission, or other entity for the purposes of paying for costs of the projects. The proceeds of Notes may be used together with any federal, local, or private funds that may be made available for such purpose. The proceeds of Notes, together with any investment earnings thereon, may at the discretion of the Board secure the payment of principal or purchase price of and redemption premium, if any, and interest on Notes.
2011, cc. 830, 868, § 33.1-23.16; 2014, c. 805.
Structure Code of Virginia
Title 33.2 - Highways and Other Surface Transportation Systems
Chapter 15 - Transportation Funding
§ 33.2-1500. Legislative findings and purposes
§ 33.2-1502. Creation of the Virginia Transportation Infrastructure Bank
§ 33.2-1503. Eligibility and project selection
§ 33.2-1504. Grants from the Commonwealth Transportation Board
§ 33.2-1505. Project obligations
§ 33.2-1506. Exemption from taxation; exemption from Virginia Public Procurement Act
§ 33.2-1507. Reporting requirement
§ 33.2-1509.1. Moratorium on repayment of funds allocated for access roads program
§ 33.2-1512. Authorization of Notes
§ 33.2-1513. Use of proceeds of Notes
§ 33.2-1515. Form and manner of execution; signature of person ceasing to be officer
§ 33.2-1516. Authority to obtain GARVEE approval
§ 33.2-1518. Deposit of proceeds
§ 33.2-1520. Application of project-specific reimbursements
§ 33.2-1521. Investment of proceeds and other amounts
§ 33.2-1522. Exemption from taxation
§ 33.2-1523. Notes as eligible securities
§ 33.2-1524. Commonwealth Transportation Fund
§ 33.2-1524.1. Transportation Trust Fund
§ 33.2-1525. Administration of Transportation Trust Fund
§ 33.2-1526. Commonwealth Mass Transit Fund
§ 33.2-1526.1. Use of the Commonwealth Mass Transit Fund
§ 33.2-1526.2. Commonwealth Transit Capital Fund
§ 33.2-1526.3. (Effective until July 1, 2024) Transit Ridership Incentive Program
§ 33.2-1526.3. (Effective July 1, 2024) Transit Ridership Incentive Program
§ 33.2-1526.4. Commonwealth Rail Fund
§ 33.2-1526.5. Commonwealth Port Fund
§ 33.2-1526.6. Commonwealth Aviation Fund
§ 33.2-1526.7. Commonwealth Space Flight Fund
§ 33.2-1527. Priority Transportation Fund
§ 33.2-1528. Concession Payments Account
§ 33.2-1529. Toll Facilities Revolving Account
§ 33.2-1529.1. Transportation Partnership Opportunity Fund
§ 33.2-1530. Highway Maintenance and Operating Fund