2006 Code of Virginia § 33.1-288 - Use of certain funds by Board

33.1-288. Use of certain funds by Board.

The Board may, in its discretion, use any part of funds available for theconstruction of state highways, in any construction district in which anyproject authorized for toll revenue bond financing by the CommonwealthTransportation Board as described in 33.1-268 or by the RichmondMetropolitan Authority as described by 33.1-320 is wholly or partlylocated, to aid in the payment of the cost of such projects and for thepayment, purchase or redemption of revenue bonds issued in connection withany such project, or in connection with any such project and any one or moreother projects. The Board may also, in its discretion, use any part of fundsavailable for the maintenance of state highways, in any construction districtin which any such project is wholly or partly located, to provide for theoperation, maintenance and repair of any such project and for the payment ofinterest on revenue bonds issued in connection with any such project, or inconnection with any such project and any one or more other projects; providedfurther, the Commonwealth Transportation Board may, in its discretion, usefunds under the terms of this section for the emergency operation,maintenance and repair of the project of the Chesapeake Bay Bridge and TunnelCommission as described by 33.1-253 in the event of damage to the bridgeunder a repayment agreement approved by the bond trustee, and may also pay tothe Chesapeake Bay Bridge and Tunnel Commission, for aid in the maintenanceof the project, the same amounts authorized by 33.1-41.1 for payments formaintenance to certain incorporated towns and cities.

Provided, however, that in the event the Board uses any part of the fundavailable to itself for the construction of roads in the State Highway Systemwithout reference to construction districts, commonly called the "gapfund," for any purpose permitted by this section, it shall not expend inexcess of three eighths of the amount of such fund, including other amountsof such fund that may be expended in the three districts in which suchprojects are located; and provided, further, that in no case shall any of thefunds of any construction district other than those in which the projects arelocated be used for the purposes of this article.

(Code 1950, 33-248; 1970, c. 322; 1972, c. 490; 1974, c. 242; 2006, c. 186.)