A. In connection with the Commonwealth of Virginia Transportation Contract Revenue Bonds, the Board may create and establish one or more special funds (reserve funds) and shall pay into each such reserve fund from bond proceeds and any moneys appropriated and made available by the Commonwealth for the purpose of such fund and from any other moneys that may be made available to the Board for the purpose of such fund from any other source or sources. All moneys held in any reserve fund shall be used as required solely for the payment of the principal and interest of Commonwealth of Virginia Transportation Contract Revenue Bonds.
B. In order to further ensure maintenance of the reserve fund, the Commissioner of Highways shall annually, on or before December 1, make and deliver to the Governor and Director of the Department of Planning and Budget his certificate stating the sum, if any, required to restore each such reserve fund to the minimum reserve fund requirement for such fund as may be established by the Board. Within five days after the beginning of each regular session of the General Assembly, the Governor shall submit to the presiding officer of each house printed copies of a budget including the sum, if any, required to restore each such reserve fund to the minimum reserve fund requirement for such fund. All sums appropriated by the General Assembly for such restoration and paid shall be deposited by the Board in the applicable reserve fund and shall be deducted from amounts otherwise allocable pursuant to the highway allocation formula as provided by law to the highway construction district in which the project is located or to the county or counties in which the project financed is located.
1988, cc. 844, 903, § 33.1-285.1; 2014, c. 805.
Structure Code of Virginia
Title 33.2 - Highways and Other Surface Transportation Systems
Chapter 17 - Transportation Development and Revenue Bond Act
§ 33.2-1701. General powers of Commonwealth Transportation Board
§ 33.2-1702. Acquisition and construction of projects
§ 33.2-1703. Purchase of projects
§ 33.2-1704. Condemnation of projects and property
§ 33.2-1705. Improvement of projects acquired
§ 33.2-1706. Construction of projects
§ 33.2-1707. Highway connections
§ 33.2-1709. Credit of Commonwealth not pledged
§ 33.2-1710. Form and terms of bonds
§ 33.2-1711. No other prerequisites to issue of bonds
§ 33.2-1712. Limitations and approvals for certain revenue bonds
§ 33.2-1713. Sale of bonds; bonds as legal investments
§ 33.2-1714. Use of proceeds of sale of bonds
§ 33.2-1715. Financing two or more projects together
§ 33.2-1716. All moneys to be trust funds
§ 33.2-1719. Reserve funds and appropriations
§ 33.2-1721. Cessation of tolls
§ 33.2-1722. Use of certain funds by Board
§ 33.2-1724. Remedies of bondholders and trustee
§ 33.2-1725. Competing bridges, ferries, and tunnels
§ 33.2-1726. Incidental powers of the Board
§ 33.2-1727. Revenue refunding bonds and revenue bonds for combined purposes