§ 33.1-23.4:01. Allocation of proceeds of Commonwealth of VirginiaTransportation Capital Projects Revenue Bonds.
The Commonwealth Transportation Board shall allocate, use, and distribute theproceeds of any bonds it is authorized to issue on or after July 1, 2007,pursuant to subdivision 4f of § 33.1-269, as follows:
1. A minimum of 20% of the bond proceeds shall be used for transit capitalconsistent with subdivision A 4 g of § 58.1-638.
2. A minimum of 4.3% of the bond proceeds shall be used for rail capitalconsistent with the provisions of §§ 33.1-221.1:1.1 and 33.1-221.1:1.2.
3. The remaining amount of bond proceeds shall be used for paying the costsincurred or to be incurred for construction of transportation projects withsuch bond proceeds used or allocated as follows: (a) first, to match federalhighway funds projected to be made available and allocated to highway andpublic transportation capital projects by the Commonwealth TransportationBoard, for purposes of allowing additional state construction funds to beallocated to the primary, urban, and secondary systems of highways pursuantto subdivisions B 1, B 2, and B 3 of § 33.1-23.1; (b) next, to provide anyrequired funding to fulfill the Commonwealth's allocation of equivalentrevenue sharing matching funds pursuant to § 33.1-23.05; and (c) third, topay or fund the costs of statewide or regional projects throughout theCommonwealth. Costs incurred or to be incurred for construction or funding ofthese transportation projects shall include, but are not limited to,environmental and engineering studies, rights-of-way acquisition,improvements to all modes of transportation, acquisition, construction andrelated improvements, and any financing costs or other financing expensesrelating to such bonds. Such costs may include the payment of interest onsuch bonds for a period during construction and not exceeding one year aftercompletion of construction of the relevant project.
4. The total amount of bonds authorized shall be used for purposes ofapplying the percentages in subdivisions 1 through 3.
§ 33.1-23.4:01. Allocation of proceeds of Commonwealth of VirginiaTransportation Capital Projects Revenue Bonds.
The Commonwealth Transportation Board shall allocate, use, and distribute theproceeds of any bonds it is authorized to issue on or after July 1, 2007,pursuant to subdivision 4f of § 33.1-269, as follows:
1. A minimum of 20% of the bond proceeds shall be used for transit capitalconsistent with subdivision A 4 g of § 58.1-638.
2. A minimum of 4.3% of the bond proceeds shall be used for rail capitalconsistent with the provisions of §§ 33.1-221.1:1.1 and 33.1-221.1:1.2.
3. The remaining amount of bond proceeds shall be used for paying the costsincurred or to be incurred for construction of transportation projects withsuch bond proceeds used or allocated as follows: (a) first, to match federalhighway funds projected to be made available and allocated to highway andpublic transportation capital projects by the Commonwealth TransportationBoard, for purposes of allowing additional state construction funds to beallocated to the primary, urban, and secondary systems of highways pursuantto subdivisions B 1, B 2, and B 3 of § 33.1-23.1; (b) next, to provide anyrequired funding to fulfill the Commonwealth's allocation of equivalentrevenue sharing matching funds pursuant to § 33.1-23.05; and (c) third, topay or fund the costs of statewide or regional projects throughout theCommonwealth. Costs incurred or to be incurred for construction or funding ofthese transportation projects shall include, but are not limited to,environmental and engineering studies, rights-of-way acquisition,improvements to all modes of transportation, acquisition, construction andrelated improvements, and any financing costs or other financing expensesrelating to such bonds. Such costs may include the payment of interest onsuch bonds for a period during construction and not exceeding one year aftercompletion of construction of the relevant project.
4. The total amount of bonds authorized shall be used for purposes ofapplying the percentages in subdivisions 1 through 3.
§ 33.1-23.4:01. Allocation of proceeds of Commonwealth of VirginiaTransportation Capital Projects Revenue Bonds.
The Commonwealth Transportation Board shall allocate, use, and distribute theproceeds of any bonds it is authorized to issue on or after July 1, 2007,pursuant to subdivision 4f of § 33.1-269, as follows:
1. A minimum of 20% of the bond proceeds shall be used for transit capitalconsistent with subdivision A 4 g of § 58.1-638.
2. A minimum of 4.3% of the bond proceeds shall be used for rail capitalconsistent with the provisions of §§ 33.1-221.1:1.1 and 33.1-221.1:1.2.
3. The remaining amount of bond proceeds shall be used for paying the costsincurred or to be incurred for construction of transportation projects withsuch bond proceeds used or allocated as follows: (a) first, to match federalhighway funds projected to be made available and allocated to highway andpublic transportation capital projects by the Commonwealth TransportationBoard, for purposes of allowing additional state construction funds to beallocated to the primary, urban, and secondary systems of highways pursuantto subdivisions B 1, B 2, and B 3 of § 33.1-23.1; (b) next, to provide anyrequired funding to fulfill the Commonwealth's allocation of equivalentrevenue sharing matching funds pursuant to § 33.1-23.05; and (c) third, topay or fund the costs of statewide or regional projects throughout theCommonwealth. Costs incurred or to be incurred for construction or funding ofthese transportation projects shall include, but are not limited to,environmental and engineering studies, rights-of-way acquisition,improvements to all modes of transportation, acquisition, construction andrelated improvements, and any financing costs or other financing expensesrelating to such bonds. Such costs may include the payment of interest onsuch bonds for a period during construction and not exceeding one year aftercompletion of construction of the relevant project.
4. The total amount of bonds authorized shall be used for purposes ofapplying the percentages in subdivisions 1 through 3.
