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2023 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 62.1-44.15:23.1 of the Code of Virginia is amended and reenacted as follows:
§ 62.1-44.15:23.1. Wetland and Stream Replacement Fund established.
There is hereby created in the state treasury a special
nonreverting fund to be known as the Wetland and Stream Replacement Fund,
hereafter referred to as "the Fund." The Fund shall be established on
the books of the Comptroller. All contributions to the Board pursuant to clause
(iii) of subsection B of § 62.1-44.15:21 shall be paid into the state treasury
and credited to the Fund. Interest earned on moneys in the Fund shall remain in
the Fund and be credited to it. Any moneys remaining in the Fund, including
interest thereon, at the end of each fiscal year shall not revert to the
general fund but shall remain in the Fund. The Fund shall be administered and
utilized by the Department of Environmental Quality. The Fund may be
used as an additional mechanism for compensatory mitigation for impacts to
aquatic resources (i) that result from activities authorized under (a) Section
404 and 401 of the Clean Water Act (33 U.S.C. § 1251 et seq.), (b) the Virginia
Water Protection Permit Regulation (9 VAC 25-210 et seq.), or (c) Section 10 of
the Rivers and Harbors Act (33 U.S.C. § 403); (ii) that result from
unauthorized activities in waters of the United States or state waters; and
(iii) in other cases, as the appropriate regulatory agencies deem acceptable.
Moneys in the Fund shall be used for the purpose of purchasing mitigation bank
credits in compliance with the provisions of subsection B of § 62.1-44.15:23 as
soon as practicable if qualifying credits are available after moneys
are collected. If such the Department determines within two years
after the collection of moneys for a specific impact that credits are
will not be available within three years of the collection of moneys
for a such specific impact, then funds shall may be
utilized either (1) to purchase credits from a Board-approved fund that have
met the success criteria, if qualifying credits are available, (2) for the
planning, construction, monitoring, and preservation of wetland and stream mitigation
projects and preservation, enhancement, or restoration of upland buffers
adjacent to wetlands or other state waters when used in conjunction with
creation or restoration of wetlands and streams, or (3) for other water quality
improvement projects as deemed acceptable by the Department of Environmental
Quality. Such projects developed under clause (2) shall be developed in
accordance with guidelines, responsibilities, and standards established by the
Department of Environmental Quality for use, operation, and maintenance
consistent with 33 CFR Part 332, governing compensatory mitigation for
activities authorized by U.S. Army Corps of Engineer permits. Expenditures and
disbursements from the Fund shall be made by the State Treasurer on warrants issued
by the Comptroller upon written request signed by the Director of the
Department of Environmental Quality. The Department may charge a
reasonable fee to administer the Fund.