Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding a section numbered 15.2-2114.01 as follows:
§15.2-2114.01. Local Stormwater Management Fund; grant moneys.
Any locality may by ordinance create a local Stormwater Management Fund consisting of appropriated local moneys for the purpose of granting funds to an owner of private property or a common interest community for stormwater management and erosion prevention on previously developed lands. Grants from such fund shall be used only for the construction, improvement, or repair of a stormwater management facility or for erosion and sediment control.