2018 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.(1) 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 Fiscal Year 2015-2016 Deficit Elimination Fund as created in Subsection D of this Section, the first two hundred million dollars of the 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.
(2) All settlement proceeds received on behalf of the state shall be reported to the Joint Legislative Committee on the Budget.
B. All economic damages proceeds from the DWH litigation in excess of the first two hundred million dollars deposited in the Fiscal Year 2015-2016 Deficit Elimination Fund shall be deposited by the treasurer as follows:
(1) Notwithstanding any provision of law to the contrary including the provisions of Paragraphs (2), (3), and (4) of this Subsection, and Subsection C of this Section, in Fiscal Year 2018-2019, the annual payment of fifty-three million three hundred thirty-three thousand three hundred thirty-three dollars to the state general fund.
(2) 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.
(3) 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.
NOTE: Paragraph (B)(4) eff. until July 1, 2020. See Acts 2018, No. 612.
(4) 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.
NOTE: Paragraph (B)(4) eff. July 1, 2020. See Acts 2018, No. 612.
(4) The balance of each such receipt of economic damages proceeds to the state general fund.
C.(1) All unexpended and unencumbered monies in the Deepwater Horizon Economic Damages Collection Fund at the end of the fiscal year shall remain in the fund. The monies in the fund shall be invested by the state treasurer in the same manner as monies in the state general fund, and interest earned on the investment of monies shall be credited to the fund.
(2)(a) Appropriations from the Deepwater Horizon Economic Damages Collection Fund shall be limited to an annual amount not to exceed the estimated aggregate annual earnings from interest earned on the investment of monies in the fund and shall be made to the Board of Regents to be equitably allocated to public postsecondary education institutions in the state in accordance with Article VIII, Section 5(D)(4) of the Constitution of Louisiana. The board may also distribute such appropriations to independent institutions for higher learning in accordance with R.S. 17:2053.
(b) The monies appropriated by the legislature and disbursed from the Deepwater Horizon Economic Damages Collection Fund shall not displace, replace, or supplant funding for higher education. This Subparagraph shall mean that no appropriation for any fiscal year from the Deepwater Horizon Economic Damages Collection Fund shall be made for any purpose for which a general fund appropriation was made in the previous year unless the total appropriations for that fiscal year from the state general fund for such purpose exceed general fund appropriations for the previous year. This Subparagraph shall in no way limit general fund appropriations in excess of the minimum amounts herein established.
D.(1) The Fiscal Year 2015-2016 Deficit Elimination Fund, hereinafter referred to as the "fund", is hereby created in the state treasury. 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 Fiscal Year 2015-2016 Deficit Elimination Fund the first two hundred million dollars of the proceeds of the settlement, judgment, or final disposition of the state's economic damages claims asserted in the 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.
(2) All unexpended and unencumbered monies in the Fiscal Year 2015-2016 Deficit Elimination Fund at the end of the fiscal year shall remain in the fund. The monies in the fund shall be invested by the state treasurer in the same manner as monies in the state general fund, and interest earned on the investment of monies shall be credited to the fund.
(3) Monies in the fund shall be appropriated and used solely to provide a source of funds to eliminate all or a portion of the Fiscal Year 2015-2016 budgetary deficit.
(4) This fund shall only be comprised of noncoastal restoration monies.
E. 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; Acts 2015, No. 396, §1; Acts 2016, 1st Ex. Sess., No. 3, §1, eff. March 3, 2016; Acts 2016, No. 601, §2, eff. June 17, 2016; Acts 2018, No. 612, §12, eff. July 1, 2020; Acts 2018, 2nd Ex. Sess., No. 10, §1, eff. July 1, 2018.
