CODE OF VIRGINIA

DEFINITIONS (§ 33.2-1501)

As used in this article, unless the context requires a different
meaning:”Bank” means the Virginia Transportation Infrastructure Bank
created in § 33.2-1502.”Cost,” as applied to any project financed
under the provisions of this article, means the total of all costs, including
the costs of planning, design, right-of-way acquisition, engineering, and
construction, incurred by an eligible borrower or other project sponsor as
reasonable and necessary for carrying out all works and undertakings necessary
or incident to the accomplishment of any project. “Cost” also
includes capitalized interest; reasonably required reserve funds; and financing,
credit enhancement, and issuance costs.”Credit enhancements” means
surety bonds, insurance policies, letters of credit, guarantees, and other forms
of collateral or security.”Creditworthiness” means attributes such
as revenue stability, debt service coverage, reserves, and other factors
commonly considered in assessing the strength of the security for
indebtedness.”Eligible borrower” means any (i) private entity; (ii)
governmental entity; (iii) instrumentality, corporation, or entity established
by any of the foregoing pursuant to § 33.2-1505; or (iv) combination of two or
more of the foregoing.”Finance” and any variation of the term, when
used in connection with a cost or a project, includes both the initial financing
and any refinancing of the cost or project and any variation of such terms.
“Finance” does not include a grant.”Governmental entity”
means any (i) locality; (ii) local, regional, state, or federal entity;
transportation authority, planning district, commission, or political
subdivision created by the General Assembly or pursuant to the Constitution and
laws of the Commonwealth; or public transportation entity owned, operated, or
controlled by one or more local entities; (iii) entity established by interstate
compact; (iv) instrumentality, corporation, or entity established by any of the
foregoing pursuant to § 33.2-1505; or (v) combination of two or more of the
foregoing.”Grant” means a transfer of moneys or property that does
not impose any obligation or condition on the grantee to repay any amount to the
transferor other than in connection with assuring that the transferred moneys or
property will be spent or used in accordance with the governmental purpose of
the transfer. “Grant” includes direct cash payments made to pay or
reimburse all or a portion of interest payments made by a grantee on a debt
obligation. As provided in §§ 33.2-1502 and 33.2-1503, only governmental
entities may receive grants of moneys or property held in or for the credit of
the Bank.”Loan” means an obligation subject to repayment that is
provided by the Bank to an eligible borrower to finance all or a part of the
eligible cost of a project incurred by the eligible borrower or other project
sponsor. A loan may be disbursed (i) in anticipation of reimbursement (including
an advance or draw under a credit enhancement instrument), (ii) as direct
payment of eligible costs, or (iii) to redeem or defease a prior obligation
incurred by the eligible borrower or other project sponsor to finance the
eligible costs of a project.”Management agreement” means the
memorandum of understanding or interagency agreement among the manager, the
Secretary of Finance, and the Board as authorized under subsection B of §
33.2-1502.”Manager” means the Virginia Resources Authority serving
as the manager, administrator, and trustee of funds disbursed from the Bank in
accordance with the provisions of this article and the management
agreement.”Other financial assistance” includes capital or debt
reserves for bonds or debt instrument financing, provision of letters of credit
and other forms of credit enhancement, and other lawful forms of financing and
methods of leveraging funds that are approved by the manager.”Private
entity” means any private or nongovernmental entity that has executed an
interim or comprehensive agreement to develop and construct a transportation
infrastructure project pursuant to the Public-Private Transportation Act of 1995
(§ 33.2-1800 et seq.).”Project” means (i) the construction,
reconstruction, rehabilitation, or replacement of any interstate, state highway,
toll road, tunnel, local street or road, or bridge; (ii) the construction,
reconstruction, rehabilitation, or replacement of any (a) mass transit, (b)
commuter, passenger, or freight rail, (c) port, (d) airport, or (e) commercial
space flight facility; or (iii) the acquisition of any rolling stock, vehicle,
or equipment to be used in conjunction with clause (i) or (ii).”Project
obligation” means any bond, note, debenture, interim certificate, grant or
revenue anticipation note, lease or lease-purchase or installment sales
agreement, or credit enhancements issued, incurred, or entered into by an
eligible borrower to evidence a loan, or any financing agreements, reimbursement
agreements, guarantees, or other evidences of an obligation of an eligible
borrower or other project sponsor to pay or guarantee a loan.”Project
sponsor” means any private entity or governmental entity that is involved
in the planning, design, right-of-way acquisition, engineering, construction,
maintenance, or financing of a project.”Reliable repayment source”
means any means by which an eligible borrower or other project sponsor generates
funds that are dedicated to the purpose of retiring a project
obligation.”Substantial project completion” means the opening of a
project for vehicular or passenger traffic or the handling of cargo and freight.

HISTORY: 2011, cc. 830, 868, § 33.1-23.7; 2012, cc. 779, 817; 2014, c. 805;
2015, c. 684.