§ 33.1-416. Agreements with Commonwealth Transportation Board; payment ofspecial improvements tax to Transportation Trust Fund.
The district may contract with the Commonwealth Transportation Board for theBoard to perform any of the purposes of the district.
The district may agree by contract to pay all or a portion of the specialimprovements tax to the Commonwealth Transportation Board.
Prior to executing any such contract, the district shall seek the agreementof each local governing body creating the district that the locality'sofficer charged with the responsibility for preparing the locality's annualbudget shall submit in the budget for each fiscal year in which anyCommonwealth of Virginia Transportation Contract Revenue Bonds issued forsuch district are outstanding, all amounts to be paid to the CommonwealthTransportation Board under such contract during such fiscal year.
If the amount required to be paid to the Commonwealth Transportation Boardunder the contract is not so paid for a period of sixty days after suchamount is due, the Commonwealth Transportation Board shall, until such amounthas been paid, withhold sufficient funds from funds appropriated andallocated, pursuant to Article 1.1 (§ 33.1-23.01 et seq.) of Chapter 1 ofTitle 33.1, to the highway construction district in which the transportationimprovements covered by such contract are located or to such locality orlocalities in which such transportation improvements are located and to usesuch funds to satisfy the contractual requirements.
While nothing in this chapter shall limit the authority of any locality tochange the classification of property zoned for commercial or industrial useor used for such purpose upon the written request or approval of the owner ofany property affected by such change after the effective date of any suchcontract, should a change in zoning classification so requested result in ashortfall in the total annual revenues from the imposition of the specialimprovements tax and the payments required to be made to the CommonwealthTransportation Board pursuant to the contract, the district shall request thelocal governing body to increase the rate of such tax by such amount up tothe maximum authorized rate as may be necessary to prevent such shortfall.If, however, a deficit remains after any rezoning and adjustment of the taxrate or the rate is at the maximum authorized rate and cannot be increased,then the amount of funds otherwise appropriated and allocated, pursuant tothe highway allocation formula as provided by law, to the highwayconstruction district in which the project covered by such contract islocated or to such county or counties in which such project is located, shallbe reduced by the amount of such deficit and used to satisfy the deficit.
§ 33.1-416. Agreements with Commonwealth Transportation Board; payment ofspecial improvements tax to Transportation Trust Fund.
The district may contract with the Commonwealth Transportation Board for theBoard to perform any of the purposes of the district.
The district may agree by contract to pay all or a portion of the specialimprovements tax to the Commonwealth Transportation Board.
Prior to executing any such contract, the district shall seek the agreementof each local governing body creating the district that the locality'sofficer charged with the responsibility for preparing the locality's annualbudget shall submit in the budget for each fiscal year in which anyCommonwealth of Virginia Transportation Contract Revenue Bonds issued forsuch district are outstanding, all amounts to be paid to the CommonwealthTransportation Board under such contract during such fiscal year.
If the amount required to be paid to the Commonwealth Transportation Boardunder the contract is not so paid for a period of sixty days after suchamount is due, the Commonwealth Transportation Board shall, until such amounthas been paid, withhold sufficient funds from funds appropriated andallocated, pursuant to Article 1.1 (§ 33.1-23.01 et seq.) of Chapter 1 ofTitle 33.1, to the highway construction district in which the transportationimprovements covered by such contract are located or to such locality orlocalities in which such transportation improvements are located and to usesuch funds to satisfy the contractual requirements.
While nothing in this chapter shall limit the authority of any locality tochange the classification of property zoned for commercial or industrial useor used for such purpose upon the written request or approval of the owner ofany property affected by such change after the effective date of any suchcontract, should a change in zoning classification so requested result in ashortfall in the total annual revenues from the imposition of the specialimprovements tax and the payments required to be made to the CommonwealthTransportation Board pursuant to the contract, the district shall request thelocal governing body to increase the rate of such tax by such amount up tothe maximum authorized rate as may be necessary to prevent such shortfall.If, however, a deficit remains after any rezoning and adjustment of the taxrate or the rate is at the maximum authorized rate and cannot be increased,then the amount of funds otherwise appropriated and allocated, pursuant tothe highway allocation formula as provided by law, to the highwayconstruction district in which the project covered by such contract islocated or to such county or counties in which such project is located, shallbe reduced by the amount of such deficit and used to satisfy the deficit.
§ 33.1-416. Agreements with Commonwealth Transportation Board; payment ofspecial improvements tax to Transportation Trust Fund.
The district may contract with the Commonwealth Transportation Board for theBoard to perform any of the purposes of the district.
The district may agree by contract to pay all or a portion of the specialimprovements tax to the Commonwealth Transportation Board.
Prior to executing any such contract, the district shall seek the agreementof each local governing body creating the district that the locality'sofficer charged with the responsibility for preparing the locality's annualbudget shall submit in the budget for each fiscal year in which anyCommonwealth of Virginia Transportation Contract Revenue Bonds issued forsuch district are outstanding, all amounts to be paid to the CommonwealthTransportation Board under such contract during such fiscal year.
If the amount required to be paid to the Commonwealth Transportation Boardunder the contract is not so paid for a period of sixty days after suchamount is due, the Commonwealth Transportation Board shall, until such amounthas been paid, withhold sufficient funds from funds appropriated andallocated, pursuant to Article 1.1 (§ 33.1-23.01 et seq.) of Chapter 1 ofTitle 33.1, to the highway construction district in which the transportationimprovements covered by such contract are located or to such locality orlocalities in which such transportation improvements are located and to usesuch funds to satisfy the contractual requirements.
While nothing in this chapter shall limit the authority of any locality tochange the classification of property zoned for commercial or industrial useor used for such purpose upon the written request or approval of the owner ofany property affected by such change after the effective date of any suchcontract, should a change in zoning classification so requested result in ashortfall in the total annual revenues from the imposition of the specialimprovements tax and the payments required to be made to the CommonwealthTransportation Board pursuant to the contract, the district shall request thelocal governing body to increase the rate of such tax by such amount up tothe maximum authorized rate as may be necessary to prevent such shortfall.If, however, a deficit remains after any rezoning and adjustment of the taxrate or the rate is at the maximum authorized rate and cannot be increased,then the amount of funds otherwise appropriated and allocated, pursuant tothe highway allocation formula as provided by law, to the highwayconstruction district in which the project covered by such contract islocated or to such county or counties in which such project is located, shallbe reduced by the amount of such deficit and used to satisfy the deficit.
