2014 Louisiana Laws
Revised Statutes
TITLE 39 - Public Finance
RS 39:91 - Deepwater Horizon Economic Damages Collection Fund

PART II-A. SPECIAL FUNDS

SUBPART A. DEEPWATER HORIZON ECONOMIC

DAMAGES COLLECTION FUND

§91. Deepwater Horizon Economic Damages Collection Fund

A. There shall be established in the state treasury as a special permanent trust fund named the Deepwater Horizon Economic Damages Collection Fund. After allocation of money to the Bond Security and Redemption Fund as provided in Article VII, Section 9(B) of the Constitution of Louisiana, the treasurer shall deposit in and credit to the Deepwater Horizon Economic Damages Collection Fund proceeds of the settlement, judgment, or final disposition of the state's economic damages claims asserted in State of Louisiana v. BP Exploration & Production, et al., MDL NO. 2179 (E.D.LA. pending) (hereinafter "DWH litigation") to recover economic damages sustained by the state from the Deepwater Horizon explosion and oil spill that occurred on or about April 20, 2010, at the MC 252 site in the Gulf of Mexico.

B. Within thirty days of each receipt of economic damages proceeds from the DWH litigation, the treasurer shall make the following deposits:

(1) Forty-five percent of each such receipt of economic damages proceeds to the Budget Stabilization Fund until that fund reaches the amount statutorily mandated by R.S. 39:94.

(2) Forty-five percent of each such receipt of economic damages proceeds to the Medicaid Trust Fund for the Elderly provided for in R.S. 46:2691 until an amount not to exceed seven hundred million dollars has been deposited into such fund.

(3) Ten percent of each such receipt of economic damages proceeds to the Health Trust Fund provided for in R.S. 46:2731 until an amount not to exceed thirty million dollars has been deposited into such fund.

C. This Subpart shall be null, void, and of no effect at the later of the conclusion of the DWH litigation or July 1, 2024.

Acts 2014, No. 646, §3, eff. July 1, 2014.