A. Concession payments to the Commonwealth deposited into the TransportationTrust Fund pursuant to subdivision 9 of § 33.1-23.03:1 from qualifyingtransportation facilities developed and/or operated pursuant to thePublic-Private Transportation Act of 1995 (§ 56-556 et seq.) shall be held ina separate subaccount to be designated the "Concession Payments Account,"hereinafter referred to as "the Account," together with all interest,dividends, and appreciation that accrue to the Account and that are nototherwise specifically directed by law or reserved by the Board for otherpurposes allowed by law.
B. The Board may make allocations from the Account upon such terms andsubject to such conditions as the Board deems appropriate, to:
1. Pay or finance all or part of the costs of programs or projects, includingwithout limitation, the costs of planning, operation, maintenance, andimprovements incurred in connection with the acquisition and construction ofprojects, provided that allocations from the Account shall be limited toprograms and projects that are reasonably related to or benefit the users ofthe qualifying transportation facility that was the subject of a concessionpursuant to the Public-Private Transportation Act. The priorities ofmetropolitan planning organizations, planning district commissions, localgovernments, and transportation corridors shall be considered by the Board inmaking project allocations from moneys in the Account.
2. Repay funds from the Toll Facilities Revolving Account or theTransportation Partnership Opportunity Fund.
3. Pay the Board's reasonable costs and expenses incurred in theadministration and management of the Account.
C. Concession payments to the Commonwealth for a qualifying transportationfacility located within the boundaries of a rapid rail project for which afederal Record of Decision has been issued shall be held in a subaccountseparate from the Concession Payments Account together with all interest,dividends, and appreciation that accrue to the subaccount. The Board may makeallocations from the subaccount, as the Board deems appropriate, to:
1. Pay or finance all or part of the costs of planning, design, landacquisition, and improvements incurred in connection with the construction ofsuch rapid rail project consistent with the issued federal Record ofDecision, as may be revised from time to time; and
2. Upon determination by the Board that sufficient funds are or will beavailable to meet the schedule for construction of such rapid rail project,pay or finance all or part of the costs of planning, design, landacquisition, and improvements incurred in connection with other highway andpublic transportation projects within the corridor of the rapid rail projector within the boundaries of the qualifying transportation facility. In thecase of highway projects, the Board shall follow an approval processgenerally in accordance with § 33.1-18.
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, suchinvalidity 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.
A. Concession payments to the Commonwealth deposited into the TransportationTrust Fund pursuant to subdivision 9 of § 33.1-23.03:1 from qualifyingtransportation facilities developed and/or operated pursuant to thePublic-Private Transportation Act of 1995 (§ 56-556 et seq.) shall be held ina separate subaccount to be designated the "Concession Payments Account,"hereinafter referred to as "the Account," together with all interest,dividends, and appreciation that accrue to the Account and that are nototherwise specifically directed by law or reserved by the Board for otherpurposes allowed by law.
B. The Board may make allocations from the Account upon such terms andsubject to such conditions as the Board deems appropriate, to:
1. Pay or finance all or part of the costs of programs or projects, includingwithout limitation, the costs of planning, operation, maintenance, andimprovements incurred in connection with the acquisition and construction ofprojects, provided that allocations from the Account shall be limited toprograms and projects that are reasonably related to or benefit the users ofthe qualifying transportation facility that was the subject of a concessionpursuant to the Public-Private Transportation Act. The priorities ofmetropolitan planning organizations, planning district commissions, localgovernments, and transportation corridors shall be considered by the Board inmaking project allocations from moneys in the Account.
2. Repay funds from the Toll Facilities Revolving Account or theTransportation Partnership Opportunity Fund.
3. Pay the Board's reasonable costs and expenses incurred in theadministration and management of the Account.
C. Concession payments to the Commonwealth for a qualifying transportationfacility located within the boundaries of a rapid rail project for which afederal Record of Decision has been issued shall be held in a subaccountseparate from the Concession Payments Account together with all interest,dividends, and appreciation that accrue to the subaccount. The Board may makeallocations from the subaccount, as the Board deems appropriate, to:
1. Pay or finance all or part of the costs of planning, design, landacquisition, and improvements incurred in connection with the construction ofsuch rapid rail project consistent with the issued federal Record ofDecision, as may be revised from time to time; and
2. Upon determination by the Board that sufficient funds are or will beavailable to meet the schedule for construction of such rapid rail project,pay or finance all or part of the costs of planning, design, landacquisition, and improvements incurred in connection with other highway andpublic transportation projects within the corridor of the rapid rail projector within the boundaries of the qualifying transportation facility. In thecase of highway projects, the Board shall follow an approval processgenerally in accordance with § 33.1-18.
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, suchinvalidity 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.
A. Concession payments to the Commonwealth deposited into the TransportationTrust Fund pursuant to subdivision 9 of § 33.1-23.03:1 from qualifyingtransportation facilities developed and/or operated pursuant to thePublic-Private Transportation Act of 1995 (§ 56-556 et seq.) shall be held ina separate subaccount to be designated the "Concession Payments Account,"hereinafter referred to as "the Account," together with all interest,dividends, and appreciation that accrue to the Account and that are nototherwise specifically directed by law or reserved by the Board for otherpurposes allowed by law.
B. The Board may make allocations from the Account upon such terms andsubject to such conditions as the Board deems appropriate, to:
1. Pay or finance all or part of the costs of programs or projects, includingwithout limitation, the costs of planning, operation, maintenance, andimprovements incurred in connection with the acquisition and construction ofprojects, provided that allocations from the Account shall be limited toprograms and projects that are reasonably related to or benefit the users ofthe qualifying transportation facility that was the subject of a concessionpursuant to the Public-Private Transportation Act. The priorities ofmetropolitan planning organizations, planning district commissions, localgovernments, and transportation corridors shall be considered by the Board inmaking project allocations from moneys in the Account.
2. Repay funds from the Toll Facilities Revolving Account or theTransportation Partnership Opportunity Fund.
3. Pay the Board's reasonable costs and expenses incurred in theadministration and management of the Account.
C. Concession payments to the Commonwealth for a qualifying transportationfacility located within the boundaries of a rapid rail project for which afederal Record of Decision has been issued shall be held in a subaccountseparate from the Concession Payments Account together with all interest,dividends, and appreciation that accrue to the subaccount. The Board may makeallocations from the subaccount, as the Board deems appropriate, to:
1. Pay or finance all or part of the costs of planning, design, landacquisition, and improvements incurred in connection with the construction ofsuch rapid rail project consistent with the issued federal Record ofDecision, as may be revised from time to time; and
2. Upon determination by the Board that sufficient funds are or will beavailable to meet the schedule for construction of such rapid rail project,pay or finance all or part of the costs of planning, design, landacquisition, and improvements incurred in connection with other highway andpublic transportation projects within the corridor of the rapid rail projector within the boundaries of the qualifying transportation facility. In thecase of highway projects, the Board shall follow an approval processgenerally in accordance with § 33.1-18.
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, suchinvalidity 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.
