33.1-23.03:2 - Commonwealth Port Fund, Commonwealth Airport Fund and Commonwealth Mass Transit Fund - Virginia Statutes

§ 33.1-23.03:2. Commonwealth Port Fund, Commonwealth Airport Fund andCommonwealth Mass Transit Fund.

Of the funds becoming part of the Transportation Trust Fund pursuant tosubdivision 3 of § 33.1-23.03:1, an aggregate of 4.2 percent shall be setaside as the Commonwealth Port Fund; an aggregate of 2.4 percent shall be setaside as the Commonwealth Airport Fund; and an aggregate of 14.5 percent infiscal year 1998-1999 and 14.7 percent in fiscal year 1999-2000 andthereafter shall be set aside as the Commonwealth Mass Transit Fund. Theremaining 78.9 percent of the funds deposited into or held in theTransportation Trust Fund in fiscal year 1998-1999, and 78.7 percent of thefunds deposited into or held in the Transportation Trust Fund in fiscal year1999-2000 and thereafter, pursuant to subdivision 3 of § 33.1-23.03:1,together with funds deposited pursuant to subdivisions 1 and 6 of §33.1-23.03:1, shall be expended for capital improvements includingconstruction, reconstruction, maintenance, and improvements of highwaysaccording to the provisions of § 33.1-23.1 B or to secure bonds issued forsuch purposes, as provided by the Board and the General Assembly.

(1986, Sp. Sess., c. 13; 1998, cc. 905, 907.)