2006 Code of Virginia § 33.1-285.1 - Reserve funds and appropriations

33.1-285.1. Reserve funds and appropriations.

A. In connection with the Commonwealth of Virginia Transportation ContractRevenue Bonds, the Board may create and establish one or more special funds(herein referred to as "reserve funds"), and shall pay into each suchreserve fund from bond proceeds and any moneys appropriated and madeavailable by the Commonwealth for the purpose of such fund and from any othermoneys which may be made available to the Board for the purpose of such fundfrom any other source or sources. All moneys held in any reserve fund shallbe used, as required, solely for the payment of the principal and interest ofCommonwealth of Virginia Transportation Contract Revenue Bonds.

B. In order to further ensure maintenance of the foregoing reserve fund, theCommonwealth Transportation Commissioner shall annually, on or beforeDecember 1, make and deliver to the Governor and Director of the Budget hiscertificate stating the sum, if any, required to restore each such reservefund to the minimum reserve fund requirement for such fund as may beestablished by the Board. Within five days after the beginning of eachsession of the General Assembly, the Governor shall submit to the presidingofficer of each house printed copies of a budget including the sum, if any,required to restore each such reserve fund to the minimum reserve fundrequirement for such fund. All sums appropriated by the General Assembly forsuch restoration and paid shall be deposited by the Board in the applicablereserve fund and shall be deducted from amounts otherwise allocable pursuantto the highway allocation formula as provided by law, to the highwayconstruction district in which the project or projects are located or to thecounty or counties in which the project or projects financed are located.

(1988, cc. 844, 903.)