10.1-709 - Establishment of fund; unexpended money. - Virginia Statutes

§ 10.1-709. Establishment of fund; unexpended money.

A. A special fund to be known as the Public Beach Maintenance and DevelopmentFund shall be established to provide grants to local governments covering upto one-half of the costs of erosion abatement measures designed to conserve,protect, improve, maintain and develop public beaches. No grants to anylocality shall exceed 30 percent of the money appropriated to such fund forthe biennium unless otherwise provided for in the current generalappropriations act. Money appropriated from such fund shall be matchedequally by local funds. Federal funds shall not be used by localities tomatch money given from the fund. Localities may, however, combine state andlocal funds to match federal funds for purposes of securing federal grants.Interest earned or moneys received by the Fund shall remain in the Fund andbe credited to it. Any money remaining in the Fund at the close of the firstfiscal year of a biennium shall not revert to the general fund and shall bereappropriated and allotted.

B. Up to $250,000 per year of the money deposited to the Fund includinginterest accrued may be used for the Board's administrative and operatingexpenses including but not limited to expenses of the Board and its members,and expenses related to duties outlined in §§ 10.1-701, 10.1-702, 10.1-703,10.1-706, and 10.1-707. All such expenditures shall be subject to approval bythe Board.

C. Money that remains unobligated by the Board from the fund at the end ofthe biennium for which it was appropriated shall be retained and shall becomea Special Emergency Assistance Fund to be used at the discretion of theGovernor for the emergency conservation and development of public beachesdamaged or destroyed by an unusually severe storm, hurricane or other naturaldisaster.

(1980, c. 428, § 10-220; 1982, c. 329; 1986, c. 152; 1988, c. 891; 2003, cc.79, 89.)