10.1-603.19:1 - Payments from a developer or subdivider
§ 10.1-603.19:1. Payments from a developer or subdivider.
A. The Authority shall administer and manage deposits made to the Fundpursuant to § 15.2-2243.1 in accordance with a memorandum of agreement withthe Director. From funds deposited pursuant to this section the Authority maycharge an administrative fee, which shall be determined in consultation withthe Director. The Director is authorized to expend these deposits to allow adam owner to make the necessary upgrades to an impounding structure madenecessary by a proposed development or subdivision in a dam break inundationzone.
B. Fifty percent of any funds held pursuant to subsection A shall be providedto the owner upon receipt of an alteration permit from the Virginia Soil andWater Conservation Board. The remaining funds shall be provided to the ownerupon completion of the necessary upgrades and receipt of a regular operationand maintenance certificate from the Board. The owner shall post a bond orother financial guarantee payable to the Fund conditioned on completion ofthe stages of necessary upgrades prior to any release of payment to theowner. Such bond or other financial guarantee shall be released within 60days of the receipt of a regular operation and maintenance certificate by thedam owner.
C. Interest generated pursuant to these deposits shall remain in the Fund andmay be utilized for the purposes set out in § 10.1-603.19.
(2008, c. 491.)