The Board shall allocate, use, and distribute the proceeds of any bonds it is authorized to issue on or after July 1, 2007, pursuant to subdivision 10 of § 33.2-1701, as follows:
1. A minimum of 20 percent of the bond proceeds shall be used for transit capital as further described in § 33.2-1526.2.
2. A minimum of 4.3 percent of the bond proceeds shall be used for rail capital consistent with the provisions of §§ 33.2-1526.2 and 33.2-1602.
3. The remaining amount of bond proceeds shall be used for paying the costs incurred or to be incurred for construction of transportation projects with such bond proceeds used or allocated as follows: (i) first, to match federal highway funds projected to be made available and allocated to highway and public transportation capital projects to the extent determined by the Board, for purposes of allowing additional state construction funds to be allocated pursuant to § 33.2-358; (ii) second, to provide any required funding to fulfill the Commonwealth's allocation of equivalent revenue sharing matching funds pursuant to § 33.2-357 to the extent determined by the Board; and (iii) third, to pay or fund the costs of statewide or regional projects throughout the Commonwealth. Costs incurred or to be incurred for construction or funding of these transportation projects shall include environmental and engineering studies; rights-of-way acquisition; improvements to all modes of transportation; acquisition, construction, and related improvements; and any financing costs or other financing expenses relating to such bonds. Such costs may include the payment of interest on such bonds for a period during construction and not exceeding one year after completion of construction of the relevant project.
4. The total amount of bonds authorized shall be used for purposes of applying the percentages in subdivisions 1, 2, and 3.
2007, c. 896, § 33.1-23.4:01; 2011, cc. 830, 868; 2013, c. 639; 2014, c. 805; 2015, c. 684; 2020, cc. 1230, 1275.
Structure Code of Virginia
Title 33.2 - Highways and Other Surface Transportation Systems
§ 33.2-301. Contracts for maintenance of components of Interstate System
§ 33.2-302. Funds for establishment and maintenance of Interstate System, generally
§ 33.2-303. Portions of Interstate System within cities and towns
§ 33.2-306. Applicability of §§ 33.2-300 through 33.2-305 to toll projects
§ 33.2-307. Relocation or removal of utility facilities within projects on Interstate System
§ 33.2-309. Tolls for use of Interstate System components
§ 33.2-310. Primary state highway system
§ 33.2-311. Certain highways in parks included in primary state highway system
§ 33.2-312. Maintenance of highways, bridges, and toll facilities within state parks
§ 33.2-313. Maintenance of highways at state institutions
§ 33.2-316. Primary state highway system map
§ 33.2-317. Establishment, construction, and maintenance exclusively by Commonwealth; funds
§ 33.2-318. Bypasses through or around cities and towns
§ 33.2-319. Payments to cities and certain towns for maintenance of certain highways
§ 33.2-322. Counties may perform certain maintenance
§ 33.2-323. Approval of markings and traffic lights erected by towns
§ 33.2-324. Secondary state highway system; composition
§ 33.2-325. Certain school roads in secondary state highway system
§ 33.2-326. Control, supervision, and management of secondary state highway system components
§ 33.2-327. Design standards for secondary state highway system components
§ 33.2-328. Department of Transportation to install and maintain certain signs
§ 33.2-333. Emergency paving of unpaved secondary highways; notice and local concurrence
§ 33.2-334. Requirements for taking new streets into secondary state highway system
§ 33.2-335. Taking certain streets into secondary state highway system
§ 33.2-336. Funds allocated to counties for Rural Addition Program; street standards
§ 33.2-337. Contributions to primary or secondary state highway construction by counties
§ 33.2-338. Construction and improvement of primary or secondary highways by counties
§ 33.2-339. Maintenance, etc., of streets and highways in certain towns from secondary funds
§ 33.2-340. Maintenance, etc., by Commissioner of Highways when no request for allocation
§ 33.2-341. Maps of secondary state highway system
§ 33.2-342. Resumption of responsibility for secondary state highways by counties
§ 33.2-343. Return after withdrawal from secondary state highway system
§ 33.2-344. Election to determine return to the secondary state highway system
§ 33.2-345. Effect of election to determine return to the secondary state highway system
§ 33.2-346. Machinery, etc., owned by returning county
§ 33.2-347. Minimum street and highway standards for certain towns
§ 33.2-349. Character of signs, markings, and signals
§ 33.2-350. Landscape studies for urban highway construction projects
§ 33.2-351. Definition of "allocation."
§ 33.2-352. Asset management practices; report
§ 33.2-353. Commonwealth Transportation Board to develop and update Statewide Transportation Plan
§ 33.2-354. Commonwealth Transportation Board to develop and update Statewide Pedestrian Policy
§ 33.2-355. Goals for addressing transportation needs of populations with limited mobility
§ 33.2-356. Funding for extraordinary repairs
§ 33.2-357. Revenue-sharing funds for systems in certain localities
§ 33.2-358. Allocation of funds to programs
§ 33.2-359. Unpaved secondary highway funds
§ 33.2-360. Allocation of funds for interstate match
§ 33.2-363. Construction of U.S. Route 29 bypass
§ 33.2-367. Highway aid to mass transit
§ 33.2-368. Financial plans for transportation construction projects
§ 33.2-369. State of good repair
§ 33.2-370. High-priority projects program
§ 33.2-371. Highway construction district grant programs
§ 33.2-372. Interstate Operations and Enhancement Program