Established pursuant to 49 U.S.C. § 24101 Interstate Compacts, the Virginia-North Carolina Interstate High Speed Rail Compact is established to:
1. To study, develop, and promote a plan for the design, construction, financing, and operation of interstate high-speed rail service through and between points in the Commonwealth of Virginia and the State of North Carolina and adjacent states;
2. To coordinate efforts to establish high-speed rail service at the federal, state, and local governmental levels;
3. To advocate for federal funding to support the establishment of high-speed interstate rail service within and through Virginia and North Carolina and to receive federal funds made available for rail development; and
4. To provide funding and resources to the Virginia-North Carolina High-Speed Rail Compact Commission from funds that are or may become available and are appropriated for that purpose.
The Virginia Department of Rail and Public Transportation and the North Carolina Department of Transportation from staff assistance to the Compact.
Pursuant to § 33.2-1400, the Virginia members of the Commission shall be appointed as follows: three members of the House of Delegates appointed by the Speaker of the House of Delegates, and two members of the Senate appointed by the Senate Committee on Rules. The North Carolina members of the Commission shall be composed of five members as follows: two members of the Senate appointed by the General Assembly upon recommendation of the President Pro Tempore of the Senate, two members of the House of Representatives appointed by the General Assembly upon recommendation of the Speaker of the House of Representatives, and one appointed by the Governor.
A Co-Chairman to the Commission shall be chosen by the Virginia members of the Commission from among its Virginia membership for a term of one year.
A Co-Chairman to the Commission shall be chosen by the North Carolina members of the Commission from among its North Carolina membership for a term of one year.