§ 33.2-3601 — Interstate 81 Corridor Improvement Fund

Virginia § 33.2-3601

• Jurisdiction: Virginia
• Title 33.2: Highways and Other Surface Transportation Systems
• Subtitle IV: Local and Regional Transportation
• Ch. 36: Interstate 81 Corridor Improvement Program and Fund

Text

A. There is hereby created in the state treasury a special nonreverting fund to be known as the Interstate 81 Corridor Improvement Fund. The Fund shall be established on the books of the Comptroller. All revenues dedicated to the Fund pursuant to §§ 33.2-372 and 58.1-2299.20, any other funds that may be appropriated by the General Assembly, and any funds that may be received for credit to the Fund from any other sources shall be paid into the state treasury and credited to the Fund. Interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund.

B. Moneys in the Fund shall be used only for capital, operating, and other improvement costs identified in the Plan.

C. The amounts deposited into the Fund and the distribution and expenditure of such amounts shall not be used to calculate or reduce the share of federal, state, or local revenues otherwise available to jurisdictions along the Interstate 81 corridor. Further, such revenues and moneys shall not be included in any computation of, or formula for, a locality's ability to pay for public education, upon which appropriations of state revenues to local governments for public education are determined.

Legislative History

2019, cc. 837, 846; 2020, cc. 1230, 1275.