Bill Text: VA HB340 | 2014 | Regular Session | Engrossed
Bill Title: Alternative Fuel Vehicle Conversion Fund; moneys in Fund to be used to assist local government, etc.
Spectrum: Partisan Bill (Republican 3-0)
Status: (Passed) 2014-03-07 - Governor: Acts of Assembly Chapter text (CHAP0199) [HB340 Detail]
Download: Virginia-2014-HB340-Engrossed.html
14102555D
Be it enacted by the General Assembly of Virginia: 1. That §2.2-1176.1 of the Code of Virginia is amended and reenacted as follows: §2.2-1176.1. Alternative Fuel Vehicle Conversion Fund established. There is hereby created in the state treasury a special
nonreverting fund to be known as the Alternative Fuel Vehicle Conversion Fund,
hereinafter referred to as "the Fund." The Fund shall be established on
the books of the Comptroller. The Fund shall consist of such moneys
appropriated by the General Assembly and any other funds available from
donations, grants, in-kind contributions, and other funds as may be received
for the purposes stated herein. Interest earned on moneys in the Fund shall
remain in the Fund and be credited to it. Any moneys remaining in the Fund,
including interest thereon, at the end of each fiscal year shall not revert to
the general fund but shall remain in the Fund. Moneys in the Fund shall be used
solely for the purposes of assisting agencies of the Commonwealth [ As used in this section, "incremental cost" means the entire cost of a certified conversion of an existing vehicle to use at least one alternative fuel or the additional cost of purchasing a new vehicle equipped to operate on at least one alternative fuel over the normal cost of a similar vehicle equipped to operate on a conventional fuel such as gasoline or diesel fuel. The Director, in consultation with the Director of the Department of Mines, Minerals and Energy, shall establish guidelines for contributions and reimbursements from the Fund for the purchase or conversion of state-owned [ or local government-owned ] vehicles. |