                                 CODE OF VIRGINIA

FOREST SUSTAINABILITY FUND (§ 58.1-3242.1)

A. There is hereby created in the state treasury a special nonreverting fund to
be known as the Forest Sustainability Fund, referred to in this section as
&#8220;the Fund.&#8221; The Fund shall be established on the books of the
Comptroller. All funds appropriated for such purpose and any gifts, donations,
grants, bequests, and other funds received on its behalf shall be paid into the
state treasury and credited to 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. Moneys in the Fund
shall be used solely for the purposes set forth in subsection B. Expenditures
and disbursements from the Fund shall be made by the State Treasurer on warrants
issued by the Comptroller upon written request signed by the State Forester.

B. Any locality that has adopted an ordinance to provide for the use value
assessment and taxation for real estate devoted for forest use pursuant to this
article may apply for an annual allocation of funds from the Fund. A locality
shall submit by November 15 of each year (i) a copy of its ordinance and (ii)
the total revenue forgone by the locality in the prior fiscal year due to the
use value assessment and taxation for real estate devoted for forest use. The
State Forester shall allocate moneys from the Fund proportionally to each
locality that submitted an approved application. No locality shall receive more
moneys from the Fund than such locality forwent in the prior fiscal year.
Notwithstanding the foregoing, no locality shall receive an allocation of more
than four percent or less than one-half of one percent of available funds. Any
funds received by a locality shall be used solely for public education generally
or for projects related to outdoor recreation or forest conservation.

HISTORY: 2022, cc. 378, 379; 2024, cc. 699, 703.