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 Chapter 70 (§ 15.2-7000 et seq.) ofTitle 15.2 is wholly or partly located, to aid in the payment of the cost ofsuch projects and for the payment, purchase or redemption of revenue bondsissued in connection with any such project, or in connection with any suchproject and any one or more other projects. The Board may also, in itsdiscretion, use any part of funds available for the maintenance of statehighways, in any construction district in which any such project is wholly orpartly located, to provide for the operation, maintenance and repair of anysuch project and for the payment of interest on revenue bonds issued inconnection with any such project, or in connection with any such project andany one or more other projects; provided further, the CommonwealthTransportation Board may, in its discretion, use funds under the terms ofthis section for the emergency operation, maintenance and repair of theproject of the Chesapeake Bay Bridge and Tunnel Commission as described by §33.1-253 in the event of damage to the bridge under a repayment agreementapproved by the bond trustee, and may also pay to the Chesapeake Bay Bridgeand Tunnel Commission, for aid in the maintenance of the project, the sameamounts authorized by § 33.1-41.1 for payments for maintenance to certainincorporated 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;2009, c. 471.)