Virginia Code 33.2-2106: Agreements with the Commonwealth Transportation Board; payment of special improvements tax to Transportation Trust Fund
A. In addition to any other power conferred by this chapter, the district may contract with the Commonwealth Transportation Board for the Commonwealth Transportation Board to perform any of the purposes of the district.
Terms Used In Virginia Code 33.2-2106
- Board: means the Commonwealth Transportation Board. See Virginia Code 33.2-100
- Contract: A legal written agreement that becomes binding when signed.
- County: means any county having a population of more than 500,000. See Virginia Code 33.2-2100
- District: means any transportation improvement district created pursuant to this chapter. See Virginia Code 33.2-2100
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Governing body: means the governing body of a county. See Virginia Code 33.2-2100
- Highway: means the entire width between the boundary lines of every way or place open to the use of the public for purposes of vehicular travel in the Commonwealth. See Virginia Code 33.2-100
- highway construction: means highway, passenger and freight rail, or public transportation purposes. See Virginia Code 33.2-100
- Locality: has the meaning assigned to it in § 1-221. See Virginia Code 33.2-100
- Participating town: means a town that has real property within its boundaries included within a district created pursuant to this chapter. See Virginia Code 33.2-2100
- Revenue: means any or all fees, tolls, rents, receipts, assessments, taxes, money, and income derived by the district, including any cash contribution or payments made to the district by the Commonwealth, any political subdivision thereof, or any other source. See Virginia Code 33.2-2100
- Transportation improvements: includes public mass transit systems, public highways, and all buildings, structures, approaches, and facilities thereof and appurtenances thereto, rights-of-way, bridges, tunnels, stations, terminals, and all related equipment and fixtures. See Virginia Code 33.2-2100
The district may agree by contract to pay all or a portion of the special improvements tax to the Commonwealth Transportation Board.
Prior to executing any such contract, the district shall seek the agreement of the governing body that the county‘s officer charged with the responsibility for preparing the county’s annual budget shall submit in the budget for each fiscal year in which any Commonwealth of Virginia Transportation Contract Revenue Bonds issued for such district are outstanding all amounts to be paid to the Commonwealth Transportation Board under such contract during such fiscal year.
If the amount required to be paid to the Commonwealth Transportation Board under the contract is not so paid for a period of 60 days after such amount is due, the Commonwealth Transportation Board shall, until such amount has been paid, withhold sufficient funds from funds appropriated and allocated, pursuant to Article 5 (§ 33.2-351 et seq.) of Chapter 3, to the highway construction district in which the transportation improvements covered by such contract are located or to such locality or localities in which such transportation improvements are located and to use such funds to satisfy the contractual requirements.
B. While nothing in this chapter shall limit the authority of any county or participating town to change the classification of property zoned for commercial or industrial use or used for such purpose upon the written request or approval of the owner of any property affected by such change after the effective date of any such contract, should a change in zoning classification so requested result in a shortfall in the total annual revenues from the imposition of the special improvements tax and the payments required to be made to the Commonwealth Transportation Board pursuant to the contract, the district shall request the governing body to increase the rate of such tax by such amount up to the maximum authorized rate as may be necessary to prevent such shortfall. If, however, a deficit remains after any rezoning and adjustment of the tax rate or the rate is at the maximum authorized rate and cannot be increased, then the amount of funds otherwise appropriated and allocated, pursuant to the highway allocation formula as provided by law, to the highway construction district in which the project covered by such contract is located or to the county shall be reduced by the amount of such deficit and used to satisfy the deficit.