Chesapeake Bay Pay for Outcomes Fund; established, report.

Chesapeake Bay Pay for Outcomes Fund established; report. Establishes the Chesapeake Bay Pay for Outcomes Fund to provide outcome-based payments for verified reductions in nutrient and sediment pollution from nonpoint sources within the Chesapeake Bay watershed of the Commonwealth. The Department of Environmental Quality is directed to (i) administer the Fund;

(ii) establish a competitive solicitation process for awarding payments from the Fund; and (iii) submit an annual report detailing the projects approved for funding, obligations from the Fund, and outcomes to the Chairs of the Senate Committees on Agriculture, Conservation and Natural Resources and Finance and Appropriations and the House Committees on Agriculture, Chesapeake and Natural Resources and Appropriations by October 1 each year.