2006 Code of Virginia § 33.1-221.1:2 - U.S. Route 58 Corridor Development Program

33.1-221.1:2. U.S. Route 58 Corridor Development Program.

A. The General Assembly declares it to be in the public interest that theeconomic development needs and economic growth potential of south-central andsouthwestern Virginia be addressed by a special nonreverting fund which shallbe a part of the Transportation Trust Fund and which shall be known as theU.S. Route 58 Corridor Development Fund as established in 58.1-815 (theFund). Moneys contained in the Fund shall be used for the costs of providingan adequate, modern, safe, and efficient highway system, generally alongVirginia's southern boundary (the Program), including without limitation,environmental and engineering studies, rights of way acquisition,construction, improvements and financing costs.

B. Allocations from this Fund shall be made annually by the CommonwealthTransportation Board for the creation and enhancement of a safe, efficient,highway system connecting the communities, businesses, places of employment,and residents of the southwestern-most portion of the Commonwealth to thecommunities, businesses, places of employment, and residents of thesoutheastern-most portion of the Commonwealth, thereby enhancing the economicdevelopment potential, employment opportunities, mobility and quality alongsuch highway.

C. Allocations from the Fund shall not diminish or replace allocations madeor planned to be made from other sources or diminish allocations to which anyhighway, project, facility, district, system, or locality would be entitledunder other provisions of this title, but shall be supplemental to otherallocations to the end that highway resource improvements in the U.S. Route58 Corridor may be accelerated and augmented. Allocations from the Fund maybe applied to highway projects in the interstate, primary, secondary, orurban system, contrary provisions of this title notwithstanding. Allocationsunder this subsection shall not be limited to projects involving onlyexisting U.S. Route 58, but may be made to projects involving other highways,provided that the broader goal of creation of an adequate modern highwaysystem generally along Virginia's southern boundary is served thereby.

D. The Commonwealth Transportation Board may expend such funds from allsources as may be lawfully available to initiate the Program and to supportbonds and other obligations referenced in subsection F of this section. Anymoneys expended from the Transportation Trust Fund for the Program, otherthan moneys contained in the Fund, may be reimbursed from the Fund, to theextent permitted by Article X, Section 9 of the Constitution of Virginia. Inthe event funds from the U.S. Route 58 Corridor Development Fund are used forprojects contained in the Department's fiscal year 1988-89 Six-YearImprovement Program and related to the purposes of this section, such fundsshall be reimbursed to the U.S. Route 58 Corridor Development Fund from theTransportation Trust Fund not to exceed the amounts allocated to suchprojects in the Program.

E. The Commonwealth Transportation Board is encouraged to utilize theexisting four-lane divided highways, available rights-of-way acquired foradditional four-laning, bypasses, connectors, and alternate routes.

F. To the extent permitted by Article X, Section 9 of the Constitution ofVirginia, moneys contained in the Fund may be used to secure payment of bondsor other obligations, and the interest thereon, issued in furtherance of thepurposes of this section. In addition, the Commonwealth Transportation Boardis authorized to receive, dedicate or use legally available TransportationTrust Fund revenues and any other available sources of funds to secure thepayment of bonds or other obligations, including interest thereon, infurtherance of the Program. No bond or other obligations payable fromrevenues of the Fund shall be issued unless specifically approved by theGeneral Assembly. No bond or other obligations, secured in whole or in partby revenues of the Fund, shall pledge the full faith and credit of theCommonwealth.

G. Forty million dollars shall be transferred annually to the Fund with thefirst such transfer to be made on July 1, 1990, or as soon thereafter asreasonably practicable. Such transfer shall be made by the issuance of atreasury loan at no interest in the amount of $40 million to the Fund toensure that the Fund is fully funded on the first day of the fiscal year.Such treasury loan shall be repaid from the Commonwealth's portion of thestate recordation tax imposed by Chapter 8 of Title 58.1 designated for theFund by 58.1-815. For each fiscal year following July 1, 1990, theSecretary of Finance is authorized to make additional treasury loans in theamount of $40 million on July 1 of such fiscal years, and such treasury loansshall be repaid in a like manner as provided in the preceding sentence.

(1989, c. 286; 2003, c. 302.)