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

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

Any revenues and royalties paid to the Commonwealth as a result of offshorenatural gas and oil drilling and exploration shall be appropriated and usedfor the following purposes:

1. Seventy percent of such revenues and royalties to the Transportation TrustFund established pursuant to § 33.1-23.03:1;

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

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

(2010, c. 98.)