State Codes and Statutes
Statutes > Virginia > Title-58-1 > Chapter-8 > 58-1-816-1§ 58.1-816.1. Transportation Improvement Program Set-aside Fund.
There is hereby created in the Department of the Treasury a specialnonreverting fund which shall be a part of the Transportation Trust Fund andwhich shall be known as the Transportation Improvement Program Set-aside Fund("Set-aside Fund"), consisting of transfers pursuant to § 58.1-816 ofannual collections of the state recordation taxes attributable to any localjurisdiction which adopts an ordinance to dedicate and use its share of staterecordation tax distributions for transportation purposes; however, thisdedication shall not affect the local recordation taxes under §§ 58.1-802 Band 58.1-814. Any local jurisdiction making such an election shall transmita copy of its ordinance to the State Treasurer at least ninety days beforetransfers to the Set-aside Fund are to take effect. The State Treasurer ishereby authorized to commingle the funds of the various local jurisdictionsin the Set-aside Fund, subject to the establishment of an accounting systemwhich allows for the separate tracking of each local jurisdiction's share.The election to participate in the Set-aside Fund shall be revocable by thepassage of an ordinance to that effect; however, if debt has been issued orother obligations incurred on the local jurisdiction's behalf, the electionto participate shall be irrevocable so long as such bonds, or otherobligations, are outstanding. A permitted revocation shall entitle the localjurisdiction to receive its remaining share, plus earnings and less theTreasurer's investment charges.
The Set-aside Fund shall also include such other funds as may be appropriatedby the General Assembly from time to time and designated for the Set-asideFund and all interest, dividends and appreciation which may accrue thereto.Any moneys remaining in the Set-aside Fund at the end of a biennium shall notrevert to the general fund, but shall remain in the Set-aside Fund.Allocations from the Set-aside Fund may be paid to any authority, locality orcommission for the purposes of paying the costs of any TransportationImprovement Program in which the local jurisdiction elects to participate.
(1993, c. 391.)
