§ 33.1-221.1:1.2. Shortline Railway Preservation and Development Fund.
A. The General Assembly declares it to be in the public interest thatshortline railway preservation and development of railway transportationsupport facilities are important elements of a balanced transportation systemof the Commonwealth for freight and passengers, and further declares it to bein the public interest that the retention, maintenance, and improvement ofthe shortline railway and development of railway transportation supportfacilities are essential to the Commonwealth's continued economic growth,vitality, and competitiveness in national and world markets, and there ishereby created in the state treasury a special nonreverting fund to be knownas the Shortline Railway Preservation and Development Fund, hereinafter inthis section referred to as "the Fund." A "shortline railway," for thepurposes of this section, shall mean any Class II or Class III railroad asdefined by the United States Surface Transportation Board. "Railwaytransportation support facilities," for the purposes of this section, shallmean facilities required for the loading, transfer, or additional trackcapacity to facilitate the shipment of goods by rail other than as providedfor in § 33.1-221.1:1 or 33.1-221.1:1.1.
B. The Fund shall be established on the books of the Comptroller and shallconsist of such funds from such sources as shall be set forth in the generalappropriation act and shall be paid into the state treasury and credited tothe Fund. Interest earned on moneys in the Fund shall remain in the Fund andbe credited to it. Any moneys remaining in the Fund, including interestthereon, at the end of each fiscal year shall not revert to the general fundbut shall remain in the Fund. Moneys in the Fund shall be used solely asprovided in this section. Expenditures and disbursements from the Fund shallbe made by the State Treasurer on warrants issued by the Comptroller uponwritten request signed by the Director of the Virginia Department of Rail andPublic Transportation or the Director's designee.
C. To fulfill this purpose, there shall be funding set forth each year in thebudget bill and appropriated by the General Assembly in the Rail AssistanceProgram of the Department of Rail and Public Transportation. These fundsshall be used by the Department of Rail and Public Transportation toadminister a Shortline Railway Preservation and Development Program for thepurposes described in subsection A. Furthermore, the CommonwealthTransportation Board shall include an annual allocation for such purpose inits allocation of transportation revenues.
D. The Director of the Department of Rail and Public Transportation shalladminister and expend or commit, subject to the approval of the CommonwealthTransportation Board, the Fund for acquiring, leasing, and/or improvingshortline railways and the development of railway transportation supportfacilities or assisting other appropriate entities to acquire, lease, orimprove shortline railways and the development of railway transportationpurposes whenever the Board shall have determined that such acquisition,lease, and/or improvement is for the common good of a region of theCommonwealth or the Commonwealth as a whole. The Director of the Departmentof Rail and Public Transportation may consult with other agencies or theirdesignated representatives concerning projects to be undertaken under thissection.
E. Tracks and facilities constructed, and property and equipment purchased,with funds under this section shall be the property of the Commonwealth forthe useful life of the project, as determined by the Director of theDepartment of Rail and Public Transportation, and shall be made available foruse by all common carriers using the railway system to which they connectunder the trackage rights agreements between the parties. Projects undertakenpursuant to this section shall be limited to those of a region of theCommonwealth or the Commonwealth as a whole. Such projects shall include aminimum of 30% cash or in-kind matching contribution from a private source,which may include a railroad, a regional authority, private industry, or alocal government source, or a combination of such sources. No single projectshall be allocated more than 50% of total available funds.
§ 33.1-221.1:1.2. Shortline Railway Preservation and Development Fund.
A. The General Assembly declares it to be in the public interest thatshortline railway preservation and development of railway transportationsupport facilities are important elements of a balanced transportation systemof the Commonwealth for freight and passengers, and further declares it to bein the public interest that the retention, maintenance, and improvement ofthe shortline railway and development of railway transportation supportfacilities are essential to the Commonwealth's continued economic growth,vitality, and competitiveness in national and world markets, and there ishereby created in the state treasury a special nonreverting fund to be knownas the Shortline Railway Preservation and Development Fund, hereinafter inthis section referred to as "the Fund." A "shortline railway," for thepurposes of this section, shall mean any Class II or Class III railroad asdefined by the United States Surface Transportation Board. "Railwaytransportation support facilities," for the purposes of this section, shallmean facilities required for the loading, transfer, or additional trackcapacity to facilitate the shipment of goods by rail other than as providedfor in § 33.1-221.1:1 or 33.1-221.1:1.1.
B. The Fund shall be established on the books of the Comptroller and shallconsist of such funds from such sources as shall be set forth in the generalappropriation act and shall be paid into the state treasury and credited tothe Fund. Interest earned on moneys in the Fund shall remain in the Fund andbe credited to it. Any moneys remaining in the Fund, including interestthereon, at the end of each fiscal year shall not revert to the general fundbut shall remain in the Fund. Moneys in the Fund shall be used solely asprovided in this section. Expenditures and disbursements from the Fund shallbe made by the State Treasurer on warrants issued by the Comptroller uponwritten request signed by the Director of the Virginia Department of Rail andPublic Transportation or the Director's designee.
C. To fulfill this purpose, there shall be funding set forth each year in thebudget bill and appropriated by the General Assembly in the Rail AssistanceProgram of the Department of Rail and Public Transportation. These fundsshall be used by the Department of Rail and Public Transportation toadminister a Shortline Railway Preservation and Development Program for thepurposes described in subsection A. Furthermore, the CommonwealthTransportation Board shall include an annual allocation for such purpose inits allocation of transportation revenues.
D. The Director of the Department of Rail and Public Transportation shalladminister and expend or commit, subject to the approval of the CommonwealthTransportation Board, the Fund for acquiring, leasing, and/or improvingshortline railways and the development of railway transportation supportfacilities or assisting other appropriate entities to acquire, lease, orimprove shortline railways and the development of railway transportationpurposes whenever the Board shall have determined that such acquisition,lease, and/or improvement is for the common good of a region of theCommonwealth or the Commonwealth as a whole. The Director of the Departmentof Rail and Public Transportation may consult with other agencies or theirdesignated representatives concerning projects to be undertaken under thissection.
E. Tracks and facilities constructed, and property and equipment purchased,with funds under this section shall be the property of the Commonwealth forthe useful life of the project, as determined by the Director of theDepartment of Rail and Public Transportation, and shall be made available foruse by all common carriers using the railway system to which they connectunder the trackage rights agreements between the parties. Projects undertakenpursuant to this section shall be limited to those of a region of theCommonwealth or the Commonwealth as a whole. Such projects shall include aminimum of 30% cash or in-kind matching contribution from a private source,which may include a railroad, a regional authority, private industry, or alocal government source, or a combination of such sources. No single projectshall be allocated more than 50% of total available funds.
§ 33.1-221.1:1.2. Shortline Railway Preservation and Development Fund.
A. The General Assembly declares it to be in the public interest thatshortline railway preservation and development of railway transportationsupport facilities are important elements of a balanced transportation systemof the Commonwealth for freight and passengers, and further declares it to bein the public interest that the retention, maintenance, and improvement ofthe shortline railway and development of railway transportation supportfacilities are essential to the Commonwealth's continued economic growth,vitality, and competitiveness in national and world markets, and there ishereby created in the state treasury a special nonreverting fund to be knownas the Shortline Railway Preservation and Development Fund, hereinafter inthis section referred to as "the Fund." A "shortline railway," for thepurposes of this section, shall mean any Class II or Class III railroad asdefined by the United States Surface Transportation Board. "Railwaytransportation support facilities," for the purposes of this section, shallmean facilities required for the loading, transfer, or additional trackcapacity to facilitate the shipment of goods by rail other than as providedfor in § 33.1-221.1:1 or 33.1-221.1:1.1.
B. The Fund shall be established on the books of the Comptroller and shallconsist of such funds from such sources as shall be set forth in the generalappropriation act and shall be paid into the state treasury and credited tothe Fund. Interest earned on moneys in the Fund shall remain in the Fund andbe credited to it. Any moneys remaining in the Fund, including interestthereon, at the end of each fiscal year shall not revert to the general fundbut shall remain in the Fund. Moneys in the Fund shall be used solely asprovided in this section. Expenditures and disbursements from the Fund shallbe made by the State Treasurer on warrants issued by the Comptroller uponwritten request signed by the Director of the Virginia Department of Rail andPublic Transportation or the Director's designee.
C. To fulfill this purpose, there shall be funding set forth each year in thebudget bill and appropriated by the General Assembly in the Rail AssistanceProgram of the Department of Rail and Public Transportation. These fundsshall be used by the Department of Rail and Public Transportation toadminister a Shortline Railway Preservation and Development Program for thepurposes described in subsection A. Furthermore, the CommonwealthTransportation Board shall include an annual allocation for such purpose inits allocation of transportation revenues.
D. The Director of the Department of Rail and Public Transportation shalladminister and expend or commit, subject to the approval of the CommonwealthTransportation Board, the Fund for acquiring, leasing, and/or improvingshortline railways and the development of railway transportation supportfacilities or assisting other appropriate entities to acquire, lease, orimprove shortline railways and the development of railway transportationpurposes whenever the Board shall have determined that such acquisition,lease, and/or improvement is for the common good of a region of theCommonwealth or the Commonwealth as a whole. The Director of the Departmentof Rail and Public Transportation may consult with other agencies or theirdesignated representatives concerning projects to be undertaken under thissection.
E. Tracks and facilities constructed, and property and equipment purchased,with funds under this section shall be the property of the Commonwealth forthe useful life of the project, as determined by the Director of theDepartment of Rail and Public Transportation, and shall be made available foruse by all common carriers using the railway system to which they connectunder the trackage rights agreements between the parties. Projects undertakenpursuant to this section shall be limited to those of a region of theCommonwealth or the Commonwealth as a whole. Such projects shall include aminimum of 30% cash or in-kind matching contribution from a private source,which may include a railroad, a regional authority, private industry, or alocal government source, or a combination of such sources. No single projectshall be allocated more than 50% of total available funds.
