CODE OF VIRGINIA

ROYALTIES FROM OFFSHORE NATURAL GAS AND OIL RESOURCES (§ 67-301)

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 If moneys are withdrawn from the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.