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 If moneys are withdrawn from the Fund to carry out the provisions of § 10.1-2503, all revenues and royalties paid to the Commonwealth as a result of offshore leasing, exploration,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.

History

2010, c. 98; 2014, c. 293.