JurisdictionVirginiaTitle 33.2HIGHWAYS AND OTHER SURFACE TRANSPORTATION SYSTEMS
Subtitle IIITRANSPORTATION FUNDING AND DEVELOPMENT
Ch. 15TRANSPORTATION FUNDING
Art. 4COMMONWEALTH OF VIRGINIA FEDERAL TRANSPORTATION GRANT ANTICIPATION REVENUE NOTES ACT OF 2011
This text of Virginia § 33.2-1520 (Application of project-specific reimbursements) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
A. In accordance with Article X, Section 7 of the Constitution of Virginia and § 2.2-1802, all federal highway reimbursements are paid into the state treasury. In connection with each series of Notes issued pursuant to this article, the Board shall establish a fund in accordance with § 33.2-1720 either in the state treasury or with a trustee in accordance with § 33.2-1716, which secures and is used for the payment of such series of Notes to the credit of which there shall be deposited such amounts, appropriated therefor by the General Assembly, as are required to pay principal or purchase price of and redemption premium, if any, and interest on Notes, as and when due and payable, (i) first from the project-specific reimbursements;
(ii)then, at the discretion of the Board, to the extent re
Free access — add to your briefcase to read the full text and ask questions with AI
A. In accordance with Article X, Section 7 of the Constitution of Virginia and § 2.2-1802, all federal highway reimbursements are paid into the state treasury. In connection with each series of Notes issued pursuant to this article, the Board shall establish a fund in accordance with § 33.2-1720 either in the state treasury or with a trustee in accordance with § 33.2-1716, which secures and is used for the payment of such series of Notes to the credit of which there shall be deposited such amounts, appropriated therefor by the General Assembly, as are required to pay principal or purchase price of and redemption premium, if any, and interest on Notes, as and when due and payable, (i) first from the project-specific reimbursements; (ii) then, at the discretion of the Board, to the extent required, from legally available revenues of the Transportation Trust Fund; and (iii) then from such other funds, if any, that are designated by the General Assembly for such purpose.
B. The Board is authorized to provide that the pledge of federal highway reimbursements and any other federal highway assistance received for all or any series of the Notes will be subordinate to any prior pledge thereof to notes issued pursuant to subdivision 8 of § 33.2-1701 and the second enactments of Chapters 1019 and 1044 of the Acts of Assembly of 2000, as amended, and that the obligation to make transfers of federal highway reimbursements and any other federal highway assistance received or other amounts into any fund established under subsection A will be subordinate to the obligation to make any required payments or deposits on or with respect to notes issued pursuant to subdivision 8 of § 33.2-1701 and the second enactments of Chapters 1019 and 1044 of the Acts of Assembly of 2000, as amended.