Chief Patron

Sen. Frank Wagner (R-Virginia Beach)

Frank Wagner (R-Virginia Beach)
Served: 2001–

Status

06/23/2008: In Agriculture, Conservation and Natural Resources Committee

View Entire History

Summary

Offshore Energy Revenue Fund.  Creates the Offshore Energy Revenue Fund in the state treasury and directs that any royalties and other moneys paid by the federal government as a result of the development of offshore energy resources be deposited in the Fund.  The moneys transferred to the Fund are allocated as follows: (i) 40 percent to the Transportation Trust Fund; (ii) 40 percent to fund the implementation of the Secretary of Natural Resources' plan to clean up the Chesapeake Bay and other impaired waters; (iii) 10 percent to the Renewable Electricity Production Grant Fund or other energy efficiency incentives as may be provided in the general appropriations act; and (iv) 10 percent to the Virginia Coastal Energy Research Consortium or other energy research initiatives at state institutions of higher education as may be provided in the general appropriations act.