Use of Toll Revenues. VDOT shall include in the annual budget presented to the CTB for approval in June of each year, an estimate of the toll revenues anticipated to be collected in the upcoming year and the proposed allocation of all such toll revenues. Allocation of these toll revenues shall be provided as follows with the intent that after the allocations provided for in (a), (b), (c), and (e), all remaining toll revenues shall be made available for Components selected by NVTC in accordance with (d):
Use of Toll Revenues. VDOT shall include in the annual budget presented to 139 the CTB for approval in June of each year, an estimate of the toll revenues 140 anticipated to be collected in the upcoming year and the proposed allocation of all 141 such toll revenues, including to pay the NVTC Payment (as defined below) and any 142 NVTC or Rail Component Debt Service (as defined below) in the upcoming year. 143 Allocation of these toll revenues shall be provided in the following order with the 144 intent that, after the allocations provided for in (a), (b), (c), (d), (e), (f), and (g), all 145 remaining toll revenues, including those carried forward in accordance with 146 II.A.4(c), shall be made available for additional Components selected by NVTC in 147 accordance with (c): 148 (a) reasonable costs and expenses of tolling operation and tolling 149 maintenance, including reasonable reserves for major maintenance of 150 tolling operations of the Facility; 151 (b) Debt Service on Rail Component Debt (as defined below) for one or 152 both of the Rail Components not to exceed the NVTC Payment (as defined 153 below); 154 (c) the NVTC Payment (as defined below) for Components selected by 155 NVTC and approved by the CTB under the terms of this MOA, and any 156 implementation costs related to Components, as well as operating costs 157 related to Components; 158 (d) Pay go for Rail Components between the estimated start of the Long 159 Bridge construction in 2022 and 2034; 160 (e) repayments to the Toll Facilities Revolving Account (i) for any 161 allocation advanced from the Toll Facilities Revolving Account for the 162 Conversion and (ii) the initial allocation to NVTC of $10 million for the 163 Project described in II.C., with a repayment schedule for the Conversion 164 allocation and the initial allocation to NVTC (x) of not less than 25 years 165 from the first date of disbursement, (y) reflecting a 0% interest rate, and (z) 166 annually committing not more than six percent of anticipated toll revenues 167 to such repayment; provided, however, if toll revenues remaining after the 168 allocation described above in II.A.4(a), (b), (c) and (d) is below two times 169 the amount budgeted for allocation described below in II.A.4(f), then the 170 repayment to the Toll Facilities Revolving Account shall not exceed an 171 amount that would result in the toll revenues remaining after the allocations 172 described in II.A.4(a), (b), (c), and (d) of less than one and a half times the 173 amoun...
Use of Toll Revenues. (a) Toll Revenues shall be used first to pay all due and payable operations and maintenance costs, including all amounts due to TxDOT under Sections 4.2 and 4.4, before they may be used and applied for any other purpose.
