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The Authority is a political subdivision of the Commonwealth of Virginia, created in 2002 by the Northern Virginia Transportation Authority Act, Title 15.2, of the Code of Virginia. The Authority’s primary function is to develop and update a regional transportation plan for Northern Virginia, conduct project planning, prioritization and funding of transportation projects for counties and cities embraced by the Authority.
On April 3, 2013, the Governor’s substitute for House Bill 2313 (“HB 2313”) was adopted by the Virginia General Assembly. HB 2313 provided a dedicated funding stream for transportation projects in Northern Virginia. HB 2313 provided a permanent, annual source of revenue for the Authority to implement its mandate. The new revenue streams commenced on July 1, 2013.
All moneys received by the Authority and the proceeds of bonds and other debt instruments are required to be used solely for transportation purposes benefiting the member jurisdictions. Of the HB 2313 revenues received, 30% are distributed to member jurisdictions on a pro rata basis (based on contributions to total revenue) for transportation projects and purposes authorized under § 33.2-2510 and selected by the Member Jurisdiction. 70% of the HB 2313 revenues are pledged to the payment of bonds and other debt instruments and will otherwise be available to fund regional transportation projects contained in the regional transportation plan in accordance with § 33.2-2500 and that have been rated in accordance with § 33.2-257.