House Bill 1116

AN ACT TO AMEND SECTION 1, CHAPTER 558, LAWS OF 2012, 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 1, Chapter 558, Laws of 2012, is amended to read as follows:

Section 1. 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) Forty-five percent (45%) for state maintained bridges of greatest need in the state highway system, as determined by the Mississippi Transportation Commission;

(b) Forty-five percent (45%) to the Office of State Aid Road Construction to be used for the State Aid Road Program; and

(c) Five percent (5%) to the Mississippi Transportation Commission for use to acquire a railroad in accordance with Section 77-9-527.

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