§ 3-3.03 PAYMENTS FOR SURPLUS REAL PROPERTY

The City of Virginia Beach shall pay to the Commonwealth, at terms to be determined, $6,299,518 to purchase surplus properties at Camp Pendleton State Military Reservation, pursuant to Chapter 690 of the 1994 Acts of Assembly. The City shall retain $2,800,000 for a Beach and Shoreline Management and Restoration Project pursuant to Chapter 655 of the 1992 Acts of Assembly. Proceeds in excess of the $2,800,000 shall be transferred to the state treasury with one-half of the amount deposited to the general fund and with one-half of the amount deposited to the credit of the Conservation Resources Fund. If the Restoration Project has not been constructed by June 30, 2001, then the City shall return $2,800,000 to the Commonwealth.