Bill Text: MS SB2862 | 2017 | Regular Session | Introduced
Bill Title: Gulf Coast Restoration Reserve Fund; create.
Sponsorship: Partisan Bill (Republican 3)
Status: (Failed) 2017-01-31 - Died In Committee [SB2862 Detail]
Download: Mississippi-2017-SB2862-Introduced.html
MISSISSIPPI LEGISLATURE
2017 Regular Session
To: Appropriations
By: Senator(s) Gollott, Watson, Tindell
Senate Bill 2862
AN ACT TO CREATE THE GULF COAST RESTORATION RESERVE FUND IN THE STATE TREASURY FOR THE PURPOSE OF FUNDING PROJECTS PRIMARILY BENEFITING THE MISSISSIPPI GULF COAST FROM FUNDS PAID TO THE STATE FOR ECONOMIC DAMAGES IN CONNECTION WITH THE 2010 DEEPWATER HORIZON OIL SPILL; TO PROVIDE FOR THE TRANSFER OF SUCH FUNDS FROM THE BUDGET CONTINGENCY FUND; TO AMEND SECTION 27-103-302, MISSISSIPPI CODE OF 1972, TO CONFORM; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) The "Gulf Coast Restoration Reserve Fund (Restoration Reserve Fund)" is created in the State Treasury for deposit of all funds described in subsection (2) of this section and paid into the Budget Contingency Fund, created in Section 27-103-301, for settlement payments to the State of Mississippi pursuant to the "SETTLEMENT AGREEMENT BETWEEN THE GULF STATES AND THE BP ENTITIES WITH RESPECT TO ECONOMIC AND OTHER CLAIMS ARISING FROM THE DEEPWATER HORIZON INCIDENT" executed in September 2015 and pursuant to the Consent Decree thereafter entered by the United States District Court, Eastern District of Louisiana.
(2) The payments to the state totaling Seven Hundred Fifty Million Dollars ($750,000,000.00), which includes One Hundred Fifty Million Dollars ($150,000,000.00) paid in 2016 and Forty Million Dollars ($40,000,000.00) paid annually thereafter beginning in 2019 to 2033, inclusive, shall be deposited into the Budget Contingency Fund pursuant to Section 27-103-302. The State Fiscal Officer shall transfer all these funds, excluding Forty-one Million Dollars ($41,000,000.00) appropriated by the Legislature at the 2015 Regular Session, from the Budget Contingency Fund into the Restoration Reserve Fund as soon as practicable after payment of these funds are deposited into the Budget Contingency Fund.
(3) Monies deposited into the Restoration Reserve Fund shall be used for projects that will benefit the Mississippi Gulf Coast and determined by the Legislature to have had statewide significance and impact.
SECTION 2. Section 27-103-302, Mississippi Code of 1972, is amended as follows:
27-103-302. All funds received by or on behalf of the State of Mississippi through a negotiated settlement for economic damages in connection with the explosion on, and sinking of, the mobile offshore drilling unit Deepwater Horizon, except for any funds that are required by the settlement to be paid to any other public entity, shall be deposited into the Budget Contingency Fund for appropriation by the Legislature pursuant to Section 1 of this act. The State Fiscal Officer shall transfer the funds into the "Gulf Coast Restoration Reserve Fund."
SECTION 3. This act shall take effect and be in force from and after its passage.
