§ 33.1-436. Agreements with the Commonwealth Transportation Board; payment ofspecial improvements tax to Transportation Trust Fund.
A. In addition to any other power conferred by this chapter, the district maycontract with the Commonwealth Transportation Board for the Board to performany 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 the governing body that the county's officer, charged with theresponsibility for preparing the county's annual budget, shall submit in thebudget for each fiscal year in which any Commonwealth of VirginiaTransportation Contract Revenue Bonds issued for such district areoutstanding, all amounts to be paid to the Commonwealth Transportation Boardunder 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.
B. While nothing in this chapter shall limit the authority of any county orparticipating town to change the classification of property zoned forcommercial or industrial use or used for such purpose upon the writtenrequest or approval of the owner of any property affected by such changeafter the effective date of any such contract, should a change in zoningclassification so requested result in a shortfall in the total annualrevenues from the imposition of the special improvements tax and the paymentsrequired to be made to the Commonwealth Transportation Board pursuant to thecontract, the district shall request the governing body to increase the rateof such tax by such amount up to the maximum authorized rate as may benecessary to prevent such shortfall. If, however, a deficit remains after anyrezoning and adjustment of the tax rate or the rate is at the maximumauthorized rate and cannot be increased, then the amount of funds otherwiseappropriated and allocated, pursuant to the highway allocation formula asprovided by law, to the highway construction district in which the projectcovered by such contract is located or to the county, shall be reduced by theamount of such deficit and used to satisfy the deficit.
§ 33.1-436. Agreements with the Commonwealth Transportation Board; payment ofspecial improvements tax to Transportation Trust Fund.
A. In addition to any other power conferred by this chapter, the district maycontract with the Commonwealth Transportation Board for the Board to performany 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 the governing body that the county's officer, charged with theresponsibility for preparing the county's annual budget, shall submit in thebudget for each fiscal year in which any Commonwealth of VirginiaTransportation Contract Revenue Bonds issued for such district areoutstanding, all amounts to be paid to the Commonwealth Transportation Boardunder 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.
B. While nothing in this chapter shall limit the authority of any county orparticipating town to change the classification of property zoned forcommercial or industrial use or used for such purpose upon the writtenrequest or approval of the owner of any property affected by such changeafter the effective date of any such contract, should a change in zoningclassification so requested result in a shortfall in the total annualrevenues from the imposition of the special improvements tax and the paymentsrequired to be made to the Commonwealth Transportation Board pursuant to thecontract, the district shall request the governing body to increase the rateof such tax by such amount up to the maximum authorized rate as may benecessary to prevent such shortfall. If, however, a deficit remains after anyrezoning and adjustment of the tax rate or the rate is at the maximumauthorized rate and cannot be increased, then the amount of funds otherwiseappropriated and allocated, pursuant to the highway allocation formula asprovided by law, to the highway construction district in which the projectcovered by such contract is located or to the county, shall be reduced by theamount of such deficit and used to satisfy the deficit.
§ 33.1-436. Agreements with the Commonwealth Transportation Board; payment ofspecial improvements tax to Transportation Trust Fund.
A. In addition to any other power conferred by this chapter, the district maycontract with the Commonwealth Transportation Board for the Board to performany 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 the governing body that the county's officer, charged with theresponsibility for preparing the county's annual budget, shall submit in thebudget for each fiscal year in which any Commonwealth of VirginiaTransportation Contract Revenue Bonds issued for such district areoutstanding, all amounts to be paid to the Commonwealth Transportation Boardunder 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.
B. While nothing in this chapter shall limit the authority of any county orparticipating town to change the classification of property zoned forcommercial or industrial use or used for such purpose upon the writtenrequest or approval of the owner of any property affected by such changeafter the effective date of any such contract, should a change in zoningclassification so requested result in a shortfall in the total annualrevenues from the imposition of the special improvements tax and the paymentsrequired to be made to the Commonwealth Transportation Board pursuant to thecontract, the district shall request the governing body to increase the rateof such tax by such amount up to the maximum authorized rate as may benecessary to prevent such shortfall. If, however, a deficit remains after anyrezoning and adjustment of the tax rate or the rate is at the maximumauthorized rate and cannot be increased, then the amount of funds otherwiseappropriated and allocated, pursuant to the highway allocation formula asprovided by law, to the highway construction district in which the projectcovered by such contract is located or to the county, shall be reduced by theamount of such deficit and used to satisfy the deficit.
