HB756: Offshore drilling; royalties to be deposited in Transportation Trust Fund, etc.


HOUSE BILL NO. 756
AMENDMENT IN THE NATURE OF A SUBSTITUTE
(Proposed by the House Committee on Appropriations
on February 1, 2010)
(Patron Prior to Substitute--Delegate Stolle)
A BILL to amend the Code of Virginia by adding in Chapter 3 of Title 67 a section numbered 67-301, relating to royalties from offshore drilling.

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding in Chapter 3 of Title 67 a section numbered 67-301 as follows:

? 67-301. Royalties from offshore natural gas and oil resources.

Any revenues and royalties paid to the Commonwealth as a result of offshore natural gas and oil drilling and exploration shall be appropriated and used for the following purposes:

1. Seventy percent of such revenues and royalties to the Transportation Trust Fund established pursuant to ? 33.1-23.03:1;

2. Twenty percent of such revenues and royalties to the Virginia Coastal Energy Research Consortium established pursuant to ? 67-600; and

3. Ten percent of such revenues and royalties to the localities of the Commonwealth for improvements to infrastructure and transportation.

HOUSE BILL NO. 756
Offered January 13, 2010
Prefiled January 12, 2010
A BILL to amend the Code of Virginia by adding in Chapter 3 of Title 67 a section numbered 67-301, relating to royalties from offshore drilling.
Patrons-- Stolle and Oder

Committee Referral Pending

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding in Chapter 3 of Title 67 a section numbered 67-301 as follows:

§ 67-301. Royalties from offshore natural gas and oil resources.

At least 80 percent of any revenues and royalties paid to the Commonwealth as a result of offshore natural gas and oil drilling and exploration shall be deposited by the Comptroller to the Transportation Trust Fund established pursuant to § 33.1-23.03:1.