                                 CODE OF VIRGINIA

PAYMENTS FROM A DEVELOPER OR SUBDIVIDER (§ 10.1-603.19:1)

A. The Authority shall administer and manage deposits made to the Fund pursuant
to &#xA7; 15.2-2243.1 in accordance with a memorandum of agreement with the
Director. From funds deposited pursuant to this section the Authority may charge
an administrative fee, which shall be determined in consultation with the
Director. The Director is authorized to expend these deposits to allow a dam
owner to make the necessary upgrades to an impounding structure made necessary
by a proposed development or subdivision in a dam break inundation zone.

B. Fifty percent of any funds held pursuant to subsection A shall be provided to
the owner upon receipt of an alteration permit from the Virginia Soil and Water
Conservation Board. The remaining funds shall be provided to the owner upon
completion of the necessary upgrades and receipt of a regular operation and
maintenance certificate from the Board. The owner shall post a bond or other
financial guarantee payable to the Fund conditioned on completion of the stages
of necessary upgrades prior to any release of payment to the owner. Such bond or
other financial guarantee shall be released within 60 days of the receipt of a
regular operation and maintenance certificate by the dam owner.

C. Interest generated pursuant to these deposits shall remain in the Fund and
may be utilized for the purposes set out in &#xA7; 10.1-603.19.

HISTORY: 2008, c. 491.