                                 CODE OF VIRGINIA

FISHERIES INNOVATION FOR SUSTAINABLE HARVEST FUND (§ 28.2-208.3)

A. There is hereby created in the state treasury a special nonreverting fund to
be known as the Fisheries Innovation for Sustainable Harvest Fund, referred to
in this section as &#8220;the Fund.&#8221; The Fund shall be established on the
books of the Comptroller. The Fund shall consist of sums appropriated to it by
the General Assembly, fees, rents, and royalties collected pursuant to &#xA7;
28.2-1208, and such other moneys as may be made available from any other source,
public or private, including any federal grants solicited or received for the
specific purposes of the Fund, and all interest and income from investment of
the Fund. Interest earned on moneys in the Fund shall remain in the Fund and be
credited to it. Any moneys remaining in the Fund, including interest thereon, at
the end of each fiscal year shall not revert to the general fund but shall
remain in the Fund.

B. The Fund shall be administered by the Commission for the sole purpose of
supporting and promoting the economic growth and development of Virginia&#8217;s
seafood economy while enhancing the sustainability of Virginia&#8217;s marine
fisheries resources through the awarding of grants, revolving loans, or other
financial tools in the following areas:

   1. Infrastructure development;

   2. Technological advancements;

   3. Market and value chain development;

   4. Training and capacity building; and

   5. Entrepreneurship and business support.

HISTORY: 2024, cc. 198, 246.