Senate Bill 2176

(As Passed the Senate)

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) 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 settlement payments to the state shall be deposited into the Budget Contingency Fund pursuant to Section 27-103-302. The State Fiscal Officer shall transfer all these funds from the Budget Contingency Fund into the Gulf Coast 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.

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. The State Fiscal Officer shall transfer the funds with the Gulf Coast Restoration Reserve Fund for appropriation by the Legislature pursuant to Section 1 of this act.

SECTION 3. This act shall take effect and be in force from and after its passage.