33.1-221.1:1.1 - Rail Enhancement Fund
§ 33.1-221.1:1.1. Rail Enhancement Fund.
A. The General Assembly declares it to be in the public interest that railwaypreservation and development of railway transportation facilities are animportant element of a balanced transportation system of the Commonwealth forfreight and passengers and further declares it to be in the public interestthat the retention, maintenance, improvement and development of freight andpassenger railways are essential to the Commonwealth's continued economicgrowth, vitality, and competitiveness in national and world markets, andthere is hereby created in the state treasury a special nonreverting fund tobe known as the Rail Enhancement Fund which shall be considered a specialfund within the Transportation Trust Fund, hereafter referred to as "theFund."
B. The Fund shall be established on the books of the Comptroller, and shallconsist of dedications pursuant to § 58.1-2425 and such funds from othersources as may be set forth in the appropriation act and shall be paid intothe state treasury and credited to the Fund. Interest earned on moneys in theFund shall remain in the Fund and be credited to it. Any moneys remaining inthe Fund, including interest thereon, at the end of each fiscal year shallnot revert to the general fund but shall remain in the Fund. Moneys in theFund shall be used solely as provided in this section. Expenditures anddisbursements from the Fund shall be made by the State Treasurer on warrantsissued by the Comptroller upon written request signed by the Director of theVirginia Department of Rail and Public Transportation or the Director'sdesignee.
C. The Director of the Department of Rail and Public Transportation shalladminister and expend or commit, subject to the approval of the CommonwealthTransportation Board, the Fund for acquiring, leasing, and/or improvingrailways or railroad equipment, rolling stock, rights-of-way or facilities,or assisting other appropriate entities to acquire, lease, or improverailways or railroad equipment, rolling stock, rights-of-way or facilities,for freight and/or passenger rail transportation purposes whenever the Boardshall have determined that such acquisition, lease, and/or improvement is forthe common good of a region of the Commonwealth or the Commonwealth as awhole. Prior to recommending an allocation of the Fund to the CommonwealthTransportation Board, the Director of the Department of Rail and PublicTransportation shall consult with and obtain the advice and recommendationsof the Rail Advisory Board established pursuant to § 33.1-391.3:1.
D. Projects undertaken pursuant to this section shall be limited to those theCommonwealth Transportation Board shall have determined will result in publicbenefits to the Commonwealth or to a region of the Commonwealth that areequal to or greater than the investment of funds under this section. Suchpublic benefits shall include, but not be limited to, the impact of theproject on traffic congestion, environmental quality, and whenever possible,give due consideration to passenger rail capacity on corridors identified bythe Commonwealth Transportation Board that have existing or proposedpassenger rail service. Such projects shall include a minimum of 30 percentcash or in-kind matching contribution from a private source, which mayinclude a railroad, a regional authority, or a local government source, or acombination of such sources.
(2004, c. 621; 2005, c. 323; 2009, c. 73.)