                                 CODE OF VIRGINIA

WETLAND AND STREAM REPLACEMENT FUND ESTABLISHED (§ 62.1-44.15:23.1)

There is hereby created in the state treasury a special nonreverting fund to be
known as the Wetland and Stream Replacement Fund, hereafter referred to as
&#8220;the Fund.&#8221; The Fund shall be established on the books of the
Comptroller. All contributions to the Board pursuant to clause (iii) of
subsection B of § 62.1-44.15:21 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. The Fund shall be administered and utilized by the
Department. The Fund may be used as an additional mechanism for compensatory
mitigation for impacts to aquatic resources (i) that result from activities
authorized under (a) § 404 and 401 of the Clean Water Act (33 U.S.C. § 1251 et
seq.), (b) the Virginia Water Protection Permit Regulation (9 VAC 25-210 et
seq.), or (c) § 10 of the Rivers and Harbors Act (33 U.S.C. § 403); (ii) that
result from unauthorized activities in waters of the United States or state
waters; and (iii) in other cases, as the appropriate regulatory agencies deem
acceptable. Moneys in the Fund shall be used for the purpose of purchasing
mitigation bank credits in compliance with the provisions of subsection B of §
62.1-44.15:23 as soon as practicable after moneys are collected. If the
Department determines within two years after the collection of moneys for a
specific impact that credits will not be available within three years of the
collection of moneys for such specific impact, then funds may be utilized either
(1) to purchase credits from a Board-approved fund that have met the success
criteria, if qualifying credits are available, (2) for the planning,
construction, monitoring, and preservation of wetland and stream mitigation
projects and preservation, enhancement, or restoration of upland buffers
adjacent to wetlands or other state waters when used in conjunction with
creation or restoration of wetlands and streams, or (3) for other water quality
improvement projects as deemed acceptable by the Department. Such projects
developed under clause (2) shall be developed in accordance with guidelines,
responsibilities, and standards established by the Department for use,
operation, and maintenance consistent with 33 CFR Part 332, governing
compensatory mitigation for activities authorized by U.S. Army Corps of Engineer
permits. 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 Director of the Department. The Department may charge a reasonable fee to
administer the Fund.

HISTORY: 2013, c. 742; 2021, Sp. Sess. I, c. 265; 2023, c. 206.