58.1-815 - U.S. Route 58 Corridor Development Fund. - Virginia Statutes

§ 58.1-815. U.S. Route 58 Corridor Development Fund.

There is hereby created in the Department of the Treasury a specialnonreverting fund which shall be a part of the Transportation Trust Fund andwhich shall be known as the U.S. Route 58 Corridor Development Fund,consisting of the first $40 million of annual collections of the staterecordation taxes imposed by this chapter; provided, however, this dedicationshall not affect the local recordation taxes under §§ 58.1-802 B and58.1-814. The Fund shall also include such other funds as may beappropriated by the General Assembly from time to time, and designated forthis Fund and all interest, dividends and appreciation which may accruethereto. Any moneys remaining in the Fund at the end of a biennium shall notrevert to the General Fund, but shall remain in the Fund. Allocations fromthis Fund may be paid to any authority, locality or commission for thepurposes specified in § 33.1-221.1:2.

(1989, c. 286.)