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2008 SPECIAL SESSION II
081936712Whereas, Congress is considering legislation to encourage offshore natural gas and oil drilling; and
Whereas, a portion of such drilling, if authorized, may take place off the coast of Virginia; and
Whereas, such drilling should be undertaken under the greatest protection that can be afforded to the environment; and
Whereas, such drilling should be pursued to the extent that the economic viability of Virginia localities contiguous to the Chesapeake Bay and the Atlantic Ocean are not negatively impacted; and
Whereas, such drilling, if authorized, is expected to produce significant amounts of revenues and royalties which shall be paid to the United States government; and
Whereas, Congress discussed sharing a portion of such royalties with the states whose borders are closest to the drilling; and
Whereas, it is the policy of the Commonwealth that Congress be urged to amend Section 4(a)(2)(A) of the Outer Continental Shelf Lands Act (43 U.S.C. 1333(a)(2)(A)) by referencing a map dated after September 2005 and on file in the Office of the Director, Minerals Management Service in which the Adjacent Zone for Virginia and the Mid-Atlantic Planning Area, have, to the greatest extent possible, a proportion of the Mid-Atlantic Planning Area and the Atlantic Outer Continental Shelf Area, respectively, that is greater than the proportion that existed on any map dated September 2005 and on file in the Office of the Director, Minerals Management Service for such adjacent zone and such planning area relative to the Mid-Atlantic Planning Area and the Atlantic Outer Continental Shelf Area, respectively; now, therefore
Be it enacted by the General Assembly of Virginia:
1. §1. That all future revenues and royalties that are paid to the Commonwealth as a result of any offshore natural gas and oil drilling, which is allowed by the federal government, shall be deposited and used for the following purposes:
1. Forty percent of such revenues and royalties shall be appropriated to the Transportation Trust Fund established pursuant to § 33.1-23.03:1 of the Code of Virginia;
2. Forty percent of such revenues and royalties shall be appropriated exclusively for the purpose of funding the implementation of the plan, developed by the Secretary of Natural Resources pursuant to § 62.1-44.117 of the Code of Virginia, for the cleanup of the Chesapeake Bay and other waters in the Commonwealth designated as impaired by the U.S. Environmental Protection Agency;
3. Ten percent of such revenues and royalties shall be appropriated to the Renewable Electricity Production Grant Fund established pursuant to § 67-902 of the Code of Virginia or other energy efficiency incentives as may be provided in the general appropriation act; and
4. Ten percent of such revenues and royalties shall be appropriated to the Virginia Coastal Energy Research Consortium established pursuant to § 67-600 of the Code of Virginia or other energy research initiatives at state institutions of higher education as may be provided in the general appropriation act.