|
A. The district may contract with the Commonwealth Transportation Board for the Commonwealth Transportation Board to perform any purpose of the district. 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 each local governing body creating the district that the locality's officer charged with the responsibility for preparing the locality'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 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 locality 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 local 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 such county in which such project is located shall be reduced by the amount of such deficit and used to satisfy the deficit. 2004, c. 33.2-351 , § 33.1-454; 2014, c. 33.2-351 .
|
