A. Subject to any obligations to existing bondholders, but notwithstanding §§2.2-1806 and 58.1-13, funds deposited into the Transportation Trust Fundpursuant to subdivision 4 of § 33.1-23.03:1 shall be held in a separatesubaccount to be designated the "Toll Facilities Revolving Account,"hereinafter referred to as "the Account," together with all interest,dividends, and appreciation which accrue to the Transportation Trust Fund andwhich are not otherwise specifically directed by law or reserved by the Boardin the resolution authorizing issuance of bonds to finance toll facilities.In addition, any funds received from the federal government or any agency orinstrumentality thereof that, pursuant to federal law, may be made available,as loans or otherwise, to private persons or entities for transportationpurposes, hereinafter referred to as "federal funds," shall be deposited ina segregated subaccount within the Account. Payments received with respect toany loan made from such segregated subaccount pursuant to subdivision 2 ofsubsection B of this section shall also be deposited into such segregatedsubaccount in the Account.
A1. User fees collected in excess of the annual debt service, operations andmaintenance expenses, and necessary administrative costs including anyobligations to the Toll Facilities Revolving Account and any otherobligations for qualifying facilities with respect to which an agency of theCommonwealth is the Responsible Public Entity under the Public-PrivateTransportation Act of 1995 (§ 56-556 et seq.) shall be deposited and held inthe "Regional Toll Facilities Revolving Subaccount," hereinafter referredto as the "Regional Account," together with all interest, dividends andappreciation for use within the metropolitan planning organization regionwithin which the facility exists. Payments received with respect to any loanmade from such Regional Account pursuant to subdivision 3 of subsection B ofthis section shall also be deposited into the Regional Account.
B. The Board may make allocations upon such terms and subject to suchconditions as the Board deems appropriate, from the following funds for thefollowing purposes:
1. From any funds in the Account, exclusive of those in the Regional Account,to pay or finance all or part of the costs, including the cost of planning,operation, maintenance, and improvements incurred in connection with theacquisition and construction of projects financed in whole or in part as tollfacilities or to refinance existing toll facilities, provided that any suchfunds allocated from the Account for a planned or operating toll facilityshall be considered as an advance of funding for which the Account shall bereimbursed;
2. From funds in the segregated subaccount in the Account into which federalfunds are deposited in conjunction with the Public-Private Transportation Actof 1995 (§ 56-556 et seq.) and pursuant to the terms of a comprehensiveagreement between a responsible public entity and a private operator asprovided for in that act:
a. To make a loan to such operator to pay any cost of a qualifyingtransportation facility, provided that: (i) the operator's return on itsinvestment is limited to a reasonable rate and (ii) such loan is limited to areasonable term; or
b. To pay the Commonwealth's or its agency's portion of costs incurred or tobe incurred in accordance with a comprehensive agreement with respect to atransportation facility.
All definitions of terms shall be as provided in the Public-PrivateTransportation Act of 1995;
3. From funds in the Regional Account:
a. To pay or finance all or part of the costs, including the cost ofplanning, operation, maintenance, and improvements incurred in connectionwith the acquisition and construction of projects financed in whole or inpart as toll facilities or to refinance existing toll facilities, providedthat (i) allocations from the Regional Account shall be limited to projectslocated within the same metropolitan planning organization region as thefacility which generated the excess revenue and (ii) any such funds allocatedfrom the Regional Account for a planned or operating toll facility shall beconsidered as an advance of funding for which the Regional Account shall bereimbursed; or
b. To pay the Commonwealth's, its agency's, or its political subdivision'scosts incurred or to be incurred in accordance with a comprehensive agreementwith respect to a transportation facility within the same metropolitanplanning organization region as the facility which generated the excessrevenue. All definitions of terms shall be as provided in the Public-PrivateTransportation Act of 1995; and
4. From any funds in the Account or Regional Account, to pay the Board'sreasonable costs and expenses incurred in (i) the administration andmanagement of the Account, (ii) its program of financing or refinancing costsof toll facilities, and (iii) the making of loans and paying of costsdescribed in subdivisions 1 and 2 of this subsection.
C. The Board may transfer from the Account to the Transportation Trust Fundfor allocation pursuant to subsection B of § 33.1-23.1 any interest revenuesand, subject to applicable federal limitations, federal funds not committedby the Board to the purposes provided for in subsection B of this section.
D. The provisions of this section shall be liberally construed to the endthat its beneficial purposes may be effectuated. Insofar as this provision isinconsistent with the provisions of any other general, special, or local law,this provision shall be controlling.
E. If any provision of this section or the application thereof to any personor circumstances is held invalid by a court of competent jurisdiction,invalidity shall not affect other provisions or applications of this sectionthat can be given effect without the invalid provision or application, and tothis end the provisions of this section are declared to be severable.
(1986, Sp. Sess., c. 13; 1995, cc. 545, 576; 1997, c. 501.)
A. Subject to any obligations to existing bondholders, but notwithstanding §§2.2-1806 and 58.1-13, funds deposited into the Transportation Trust Fundpursuant to subdivision 4 of § 33.1-23.03:1 shall be held in a separatesubaccount to be designated the "Toll Facilities Revolving Account,"hereinafter referred to as "the Account," together with all interest,dividends, and appreciation which accrue to the Transportation Trust Fund andwhich are not otherwise specifically directed by law or reserved by the Boardin the resolution authorizing issuance of bonds to finance toll facilities.In addition, any funds received from the federal government or any agency orinstrumentality thereof that, pursuant to federal law, may be made available,as loans or otherwise, to private persons or entities for transportationpurposes, hereinafter referred to as "federal funds," shall be deposited ina segregated subaccount within the Account. Payments received with respect toany loan made from such segregated subaccount pursuant to subdivision 2 ofsubsection B of this section shall also be deposited into such segregatedsubaccount in the Account.
A1. User fees collected in excess of the annual debt service, operations andmaintenance expenses, and necessary administrative costs including anyobligations to the Toll Facilities Revolving Account and any otherobligations for qualifying facilities with respect to which an agency of theCommonwealth is the Responsible Public Entity under the Public-PrivateTransportation Act of 1995 (§ 56-556 et seq.) shall be deposited and held inthe "Regional Toll Facilities Revolving Subaccount," hereinafter referredto as the "Regional Account," together with all interest, dividends andappreciation for use within the metropolitan planning organization regionwithin which the facility exists. Payments received with respect to any loanmade from such Regional Account pursuant to subdivision 3 of subsection B ofthis section shall also be deposited into the Regional Account.
B. The Board may make allocations upon such terms and subject to suchconditions as the Board deems appropriate, from the following funds for thefollowing purposes:
1. From any funds in the Account, exclusive of those in the Regional Account,to pay or finance all or part of the costs, including the cost of planning,operation, maintenance, and improvements incurred in connection with theacquisition and construction of projects financed in whole or in part as tollfacilities or to refinance existing toll facilities, provided that any suchfunds allocated from the Account for a planned or operating toll facilityshall be considered as an advance of funding for which the Account shall bereimbursed;
2. From funds in the segregated subaccount in the Account into which federalfunds are deposited in conjunction with the Public-Private Transportation Actof 1995 (§ 56-556 et seq.) and pursuant to the terms of a comprehensiveagreement between a responsible public entity and a private operator asprovided for in that act:
a. To make a loan to such operator to pay any cost of a qualifyingtransportation facility, provided that: (i) the operator's return on itsinvestment is limited to a reasonable rate and (ii) such loan is limited to areasonable term; or
b. To pay the Commonwealth's or its agency's portion of costs incurred or tobe incurred in accordance with a comprehensive agreement with respect to atransportation facility.
All definitions of terms shall be as provided in the Public-PrivateTransportation Act of 1995;
3. From funds in the Regional Account:
a. To pay or finance all or part of the costs, including the cost ofplanning, operation, maintenance, and improvements incurred in connectionwith the acquisition and construction of projects financed in whole or inpart as toll facilities or to refinance existing toll facilities, providedthat (i) allocations from the Regional Account shall be limited to projectslocated within the same metropolitan planning organization region as thefacility which generated the excess revenue and (ii) any such funds allocatedfrom the Regional Account for a planned or operating toll facility shall beconsidered as an advance of funding for which the Regional Account shall bereimbursed; or
b. To pay the Commonwealth's, its agency's, or its political subdivision'scosts incurred or to be incurred in accordance with a comprehensive agreementwith respect to a transportation facility within the same metropolitanplanning organization region as the facility which generated the excessrevenue. All definitions of terms shall be as provided in the Public-PrivateTransportation Act of 1995; and
4. From any funds in the Account or Regional Account, to pay the Board'sreasonable costs and expenses incurred in (i) the administration andmanagement of the Account, (ii) its program of financing or refinancing costsof toll facilities, and (iii) the making of loans and paying of costsdescribed in subdivisions 1 and 2 of this subsection.
C. The Board may transfer from the Account to the Transportation Trust Fundfor allocation pursuant to subsection B of § 33.1-23.1 any interest revenuesand, subject to applicable federal limitations, federal funds not committedby the Board to the purposes provided for in subsection B of this section.
D. The provisions of this section shall be liberally construed to the endthat its beneficial purposes may be effectuated. Insofar as this provision isinconsistent with the provisions of any other general, special, or local law,this provision shall be controlling.
E. If any provision of this section or the application thereof to any personor circumstances is held invalid by a court of competent jurisdiction,invalidity shall not affect other provisions or applications of this sectionthat can be given effect without the invalid provision or application, and tothis end the provisions of this section are declared to be severable.
(1986, Sp. Sess., c. 13; 1995, cc. 545, 576; 1997, c. 501.)
A. Subject to any obligations to existing bondholders, but notwithstanding §§2.2-1806 and 58.1-13, funds deposited into the Transportation Trust Fundpursuant to subdivision 4 of § 33.1-23.03:1 shall be held in a separatesubaccount to be designated the "Toll Facilities Revolving Account,"hereinafter referred to as "the Account," together with all interest,dividends, and appreciation which accrue to the Transportation Trust Fund andwhich are not otherwise specifically directed by law or reserved by the Boardin the resolution authorizing issuance of bonds to finance toll facilities.In addition, any funds received from the federal government or any agency orinstrumentality thereof that, pursuant to federal law, may be made available,as loans or otherwise, to private persons or entities for transportationpurposes, hereinafter referred to as "federal funds," shall be deposited ina segregated subaccount within the Account. Payments received with respect toany loan made from such segregated subaccount pursuant to subdivision 2 ofsubsection B of this section shall also be deposited into such segregatedsubaccount in the Account.
A1. User fees collected in excess of the annual debt service, operations andmaintenance expenses, and necessary administrative costs including anyobligations to the Toll Facilities Revolving Account and any otherobligations for qualifying facilities with respect to which an agency of theCommonwealth is the Responsible Public Entity under the Public-PrivateTransportation Act of 1995 (§ 56-556 et seq.) shall be deposited and held inthe "Regional Toll Facilities Revolving Subaccount," hereinafter referredto as the "Regional Account," together with all interest, dividends andappreciation for use within the metropolitan planning organization regionwithin which the facility exists. Payments received with respect to any loanmade from such Regional Account pursuant to subdivision 3 of subsection B ofthis section shall also be deposited into the Regional Account.
B. The Board may make allocations upon such terms and subject to suchconditions as the Board deems appropriate, from the following funds for thefollowing purposes:
1. From any funds in the Account, exclusive of those in the Regional Account,to pay or finance all or part of the costs, including the cost of planning,operation, maintenance, and improvements incurred in connection with theacquisition and construction of projects financed in whole or in part as tollfacilities or to refinance existing toll facilities, provided that any suchfunds allocated from the Account for a planned or operating toll facilityshall be considered as an advance of funding for which the Account shall bereimbursed;
2. From funds in the segregated subaccount in the Account into which federalfunds are deposited in conjunction with the Public-Private Transportation Actof 1995 (§ 56-556 et seq.) and pursuant to the terms of a comprehensiveagreement between a responsible public entity and a private operator asprovided for in that act:
a. To make a loan to such operator to pay any cost of a qualifyingtransportation facility, provided that: (i) the operator's return on itsinvestment is limited to a reasonable rate and (ii) such loan is limited to areasonable term; or
b. To pay the Commonwealth's or its agency's portion of costs incurred or tobe incurred in accordance with a comprehensive agreement with respect to atransportation facility.
All definitions of terms shall be as provided in the Public-PrivateTransportation Act of 1995;
3. From funds in the Regional Account:
a. To pay or finance all or part of the costs, including the cost ofplanning, operation, maintenance, and improvements incurred in connectionwith the acquisition and construction of projects financed in whole or inpart as toll facilities or to refinance existing toll facilities, providedthat (i) allocations from the Regional Account shall be limited to projectslocated within the same metropolitan planning organization region as thefacility which generated the excess revenue and (ii) any such funds allocatedfrom the Regional Account for a planned or operating toll facility shall beconsidered as an advance of funding for which the Regional Account shall bereimbursed; or
b. To pay the Commonwealth's, its agency's, or its political subdivision'scosts incurred or to be incurred in accordance with a comprehensive agreementwith respect to a transportation facility within the same metropolitanplanning organization region as the facility which generated the excessrevenue. All definitions of terms shall be as provided in the Public-PrivateTransportation Act of 1995; and
4. From any funds in the Account or Regional Account, to pay the Board'sreasonable costs and expenses incurred in (i) the administration andmanagement of the Account, (ii) its program of financing or refinancing costsof toll facilities, and (iii) the making of loans and paying of costsdescribed in subdivisions 1 and 2 of this subsection.
C. The Board may transfer from the Account to the Transportation Trust Fundfor allocation pursuant to subsection B of § 33.1-23.1 any interest revenuesand, subject to applicable federal limitations, federal funds not committedby the Board to the purposes provided for in subsection B of this section.
D. The provisions of this section shall be liberally construed to the endthat its beneficial purposes may be effectuated. Insofar as this provision isinconsistent with the provisions of any other general, special, or local law,this provision shall be controlling.
E. If any provision of this section or the application thereof to any personor circumstances is held invalid by a court of competent jurisdiction,invalidity shall not affect other provisions or applications of this sectionthat can be given effect without the invalid provision or application, and tothis end the provisions of this section are declared to be severable.
(1986, Sp. Sess., c. 13; 1995, cc. 545, 576; 1997, c. 501.)
