MISSISSIPPI LEGISLATURE
2007 Regular Session
To: Oil, Gas and Other Minerals
By: Representative Reeves, Walley, Staples
AN ACT TO CREATE THE MISSISSIPPI GULF PRODUCING STATES TRUST FUND; TO PROVIDE THAT MONEY IN THE TRUST FUND SHALL BE APPROPRIATED BY THE LEGISLATURE TO ASSIST IN THE DEVELOPMENT, REHABILITATION AND PRESERVATION OF COASTAL RESOURCES, PREPAREDNESS AND FOR OTHER PURPOSES CONSISTENT WITH THIS ACT AND THE "Gulf of Mexico Energy Security Act of 2006" being a part of the "Tax Relief and Health Care Act of 2006," PUBLIC LAW NO. 109-432, THAT PROVIDES FOR THE DISPOSITION AND ALLOCATION OF Qualified Outer Continental Shelf Revenues TO GULF PRODUCING STATES AND COASTAL POLITICAL SUBDIVISIONS; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. There is created the "Mississippi Gulf Producing States Trust Fund," hereafter referred to as the "trust fund" to be held as a separate fund within the State Treasury. The fund shall consist of monies received by the state from monies allocated to it pursuant to the "Gulf of Mexico Energy Security Act of 2006" being a part of the "Tax Relief and Health Care Act of 2006" (Public Law No. 109-432). The principal of the fund shall remain inviolate and shall be invested as provided by law. Interest earned on the principal therein shall be credited by the treasurer to the fund. Only the interest and income derived from investment of principal of the trust fund may be expended. Unexpended and unencumbered amounts in the trust fund at the end of each fiscal year shall not lapse.
SECTION 2. (1) Monies in the trust fund may be expended, upon legislative approval, and in compliance with federal laws, for the following purposes:
(a) Projects and activities for the purposes of coastal protection, including conservation, coastal restoration, hurricane protection and infrastructure directly affected by coastal wetland losses.
(b) Mitigation of damage to fish, wildlife or natural resources.
(c) Implementation of a federally approved marine, coastal or comprehensive conservation management plan.
(d) Mitigation of the impact of outer continental shelf activities through the funding of onshore infrastructure projects.
(e) Not more than three percent (3%) of the amounts received for planning assistance and the administrative costs of complying with this act.
SECTION 3. This act shall take effect and be in force from and after July 1, 2007.