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2014 SESSION

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SB 25 Offshore natural gas & oil resources; Va. Offshore Energy Emergency Response Fund, established.

Introduced by: Bryce E. Reeves | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED SENATE:

Offshore natural gas and oil royalties; establishment of Virginia Offshore Energy Emergency Response Fund. Establishes the Virginia Offshore Energy Emergency Response Fund and directs to it the first $50 million in royalties received by the Commonwealth as the result of offshore natural gas and oil drilling and exploration.  Additional revenues and royalties will be applied to maintain the Fund at $50 million if moneys are withdrawn from the Fund. After the Fund reaches $50 million, excess revenues and royalties will be transferred to the general fund annually.

SUMMARY AS INTRODUCED:

Offshore natural gas and oil royalties; establishment of Virginia Offshore Energy Emergency Response Fund and Community College Energy Exploration and Development Fund. Sets out the recipients, proportions, and payment order for the distribution of royalties received by the Commonwealth as a result of offshore natural gas and oil drilling and exploration. The bill establishes the Virginia Offshore Energy Emergency Response Fund and directs to it the first $50 million in royalties, requiring that additional royalties maintain the fund at $50 million if moneys are withdrawn from it. Of the subsequent royalties, the bill directs 20 percent to the Transportation Trust Fund; 10 percent to the Virginia Coastal Energy Research Consortium; 10 percent to the Community College Energy Exploration and Development Fund, a fund established by the bill; 20 percent to the Department of Environmental Quality; and 40 percent to the general fund, with an amount to be determined applied toward commerce and infrastructure in the Port of Virginia Economic and Infrastructure Development Zone.