2015 Code of Virginia
Title 67 - Virginia Energy Plan
§ 67-301. Royalties from offshore natural gas and oil resources
Any revenues and royalties paid to the Commonwealth as a result of offshore natural gas and oil drilling and exploration shall be deposited in the Virginia Offshore Energy Emergency Response Fund (the Fund) established pursuant to § 10.1-2503 until the Fund reaches $50 million. If moneys are withdrawn from the Fund to carry out the provisions of § 10.1-2503, all revenues and royalties paid to the Commonwealth as a result of offshore leasing, exploration, development, or production of offshore natural gas and oil shall be deposited in the Fund until a total of $50 million is reestablished.
Once the balance in the Fund reaches the amount of $50 million, any revenues and royalties paid to the Commonwealth as a result of offshore natural gas and oil drilling or exploration shall be placed in the general fund, at the end of each fiscal year.
2010, c. 98; 2014, c. 293.
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