SB601: Offshore drilling; royalties to be deposited in Transportation Trust Fund, etc.


SENATE BILL NO. 601
AMENDMENT IN THE NATURE OF A SUBSTITUTE
(Proposed by the Senate Committee on Finance
on February 2, 2010)
(Patron Prior to Substitute--Senator Wagner)
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 shall be deposited into the general fund of the state treasury for appropriation by the General Assembly;

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.

SENATE BILL NO. 601
Offered January 13, 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-- Wagner, Blevins, Hurt, Martin, McDougle, Newman, Ruff, Smith, Stosch and Vogel

Referred to Committee on Finance

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.