Virginia Code 56-552: Improvement Fund
There shall be a fund established by the Commonwealth Transportation Board, from the toll revenues described in this section, for the purpose of funding transportation improvements which are related to or affected by the toll road. Toll rates shall be set in multiples of five cents; however, the Commission shall order that that percentage of each toll by which the toll established exceeds that necessary to provide the operator with an amount necessary to meet the operator’s obligations under § 56-543 and earn a reasonable return shall be committed to the fund. In addition the operator, the Board, and the local governments through which the road passes may jointly petition the Commission to establish an additional toll amount to be committed to this fund.
Terms Used In Virginia Code 56-552
- Board: means the Commonwealth Transportation Board. See Virginia Code 56-536
- Commission: means the State Corporation Commission. See Virginia Code 56-536
- Operator: means the person who submits to the Commission an application for authority to construct, operate or enlarge a roadway, and which, after issuance of a certificate of authority, is responsible for operation of any roadway under the provisions of this chapter. See Virginia Code 56-536
1988, c. 649.