Senate Bill 2382

AN ACT TO AMEND SECTION 27-103-302, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT ALL FUNDS RECEIVED BY THE STATE OF MISSISSIPPI THROUGH A NEGOTIATED SETTLEMENT OR RECOVERY FOR DAMAGES IN CONNECTION WITH THE DEEPWATER HORIZON OIL SPILL SHALL BE DEPOSITED INTO A SPECIAL FUND CALLED THE "DEEPWATER HORIZON OIL DISASTER FUND" TO BE APPROPRIATED BY THE LEGISLATURE FOR STATE AND COUNTY HIGHWAY MAINTENANCE; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. 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 or recovery for economic and punitive 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~~ a special fund hereby created in the State Treasury to be called the Deepwater Horizon Oil Disaster Fund for appropriation by the Legislature * * *. to the Mississippi Department of Transportation as follows:

(a) Fifty percent (50%) for the maintenance of roads of greatest need in the state highway system, as determined by the Mississippi Transportation Commission; and

(b) Fifty percent (50%) to be transferred to the counties for the maintenance of roads in the county highway system by the Mississippi Transportation Commission, with each county to receive an equal amount annually.

SECTION 2. This act shall take effect and be in force from and after its passage.