                                 CODE OF VIRGINIA

DEFINITIONS (§ 33.2-1501)

As used in this article, unless the context requires a different meaning:

&#8220;Bank&#8221; means the Virginia Transportation Infrastructure Bank created
in § 33.2-1502.

&#8220;Cost,&#8221; 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. &#8220;Cost&#8221; also includes capitalized
interest; reasonably required reserve funds; and financing, credit enhancement,
and issuance costs.

&#8220;Credit enhancements&#8221; means surety bonds, insurance policies,
letters of credit, guarantees, and other forms of collateral or security.

&#8220;Creditworthiness&#8221; means attributes such as revenue stability, debt
service coverage, reserves, and other factors commonly considered in assessing
the strength of the security for indebtedness.

&#8220;Eligible borrower&#8221; 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.

&#8220;Finance&#8221; 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.
&#8220;Finance&#8221; does not include a grant.

&#8220;Governmental entity&#8221; 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.

&#8220;Grant&#8221; 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. &#8220;Grant&#8221; 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.

&#8220;Loan&#8221; 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.

&#8220;Management agreement&#8221; 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.

&#8220;Manager&#8221; 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.

&#8220;Other financial assistance&#8221; 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.

&#8220;Private entity&#8221; 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.).

&#8220;Project&#8221; 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).

&#8220;Project obligation&#8221; 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.

&#8220;Project sponsor&#8221; 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.

&#8220;Reliable repayment source&#8221; 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.

&#8220;Substantial project completion&#8221; 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.