Senate Bill 2558

AN ACT TO CREATE A SPECIAL FUND IN THE STATE TREASURY TO BE DESIGNATED AS THE GULF COAST RESTORATION FUND; TO PROVIDE THAT MONIES IN THE SPECIAL FUND SHALL BE USED BY THE DEPARTMENT OF MARINE RESOURCES, UPON APPROPRIATION BY THE LEGISLATURE, BASED UPON THE RECOMMENDATION OF THE BOARD OF TRUSTEES OF THE GULF COAST RESTORATION FUND TO PROVIDE ASSISTANCE TO ENTITIES FOR THE PURPOSE OF PROMOTING ECONOMIC DEVELOPMENT; TO CREATE THE BOARD OF TRUSTEES OF THE GULF COAST RESTORATION FUND; TO PROVIDE FOR THE COMPOSITION OF THE BOARD OF TRUSTEES; TO PROVIDE THAT THE BOARD OF TRUSTEES OF THE GULF COAST RESTORATION FUND SHALL REVIEW APPLICATIONS FOR ASSISTANCE UNDER THIS ACT AND MAKE RECOMMENDATIONS FOR ASSISTANCE TO THE DEPARTMENT OF MARINE RESOURCES; TO BRING FORWARD SECTION 27-103-302, MISSISSIPPI CODE OF 1972; AND FOR RELATED PURPOSES.

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

SECTION 1. (1) (a) There is created in the State Treasury a special fund to be designated as the "Gulf Coast Restoration Fund." The special fund shall consist of funds appropriated or otherwise made available by the Legislature in any manner and funds from any other source designated for deposit into such fund.

Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any investment earnings or interest earned on amounts in the fund shall be deposited to the credit of the fund. Monies in the fund shall be used by the Department of Marine Resources, upon appropriation by the Legislature, based upon the binding recommendation of the Board of Trustees of the Gulf Coast Restoration Fund to provide assistance to entities for the purpose of promoting economic development.

(b) The Department of Marine Resources shall establish a program for providing assistance to entities for the purpose of promoting economic development. Assistance provided under this section may be made in the form of loans and/or grants based upon the binding recommendation of the Board of Trustees of the Gulf Coast Restoration Fund. Repayments of loans made under this section shall be deposited into the Gulf Coast Restoration Fund.

(2) (a) (i) There is established a Board of Trustees of the Gulf Coast Restoration Fund (board of trustees) to review applications for assistance under this section and make recommendations to the Department of Marine Resources for assistance under this section. The board of trustees shall consist of nine (9) members as follows:

1. Three (3) voting members appointed by the Governor as follows:

a. One (1) member who shall be a resident, nonelected official of Hancock County, Mississippi;

b. One (1) member who shall be a resident, nonelected official of Harrison County, Mississippi; and

c. One (1) member who shall be a resident, nonelected official of Jackson County, Mississippi.

A member appointed under this item 1 shall serve at the will and pleasure of the Governor and may be removed from the board of trustees by the Governor. Except as otherwise provided in this item 1, such members shall serve for the length of the term of the Governor and shall be eligible for reappointment.

2. Three (3) voting members appointed by the Lieutenant Governor as follows:

a. One (1) member who shall be a local elected official and resident of Hancock County, Mississippi;

b. One (1) member who shall be a local elected official and resident of Harrison County, Mississippi; and

c. One (1) member who shall be a local elected official and resident of Jackson County, Mississippi.

A member appointed under this item 2 shall serve at the will and pleasure of the Lieutenant Governor and may be removed from the board of trustees by the Lieutenant Governor. Except as otherwise provided in this item 2, such member shall serve for the length of the term of the Lieutenant Governor and shall be eligible for reappointment.

3. The Executive Directors of the Jackson County Economic Development Foundation, Harrison County Development Commission and Hancock County Port and Harbor Commission.

(ii) Members of the board of trustees shall serve without compensation, but shall be reimbursed for each day's official duties of the board at the same per diem as established by Section 25-3-69, and actual travel and expenses as established by Section 25-3-41.

(iii) The board of trustees shall annually elect one (1) member to serve as chairman of the board and one (1) member to serve as vice chairman of the board. The vice chairman shall act as chairman in the absence of or upon the disability of the chairman or if there is a vacancy in the office of chairman.

(iv) All expenses of the board of trustees in carrying out its duties and responsibilities under this subsection (2), including the payment of per diem and expenses of the members of the board, shall be paid from funds appropriated to the Department of Marine Resources for that purpose.

(v) The board of trustees shall have all powers necessary to implement and carry out the purposes and provisions of this subsection (2), including, but not limited to, the following express powers:

1. To contract for necessary goods and services, to employ necessary personnel, and to engage the services of other persons for administrative and technical assistance in carrying out its duties and responsibilities under this subsection (2); and

2. To enter into other contracts and/or agreements that the board of trustees determines to be necessary in carrying out its duties and responsibilities under this subsection (2).

(b) (i) The board of trustees shall establish a procedure for accepting and reviewing applications for assistance under this section.

(ii) An entity desiring assistance under this section must submit an application for assistance to the board of trustees. The application must include a description of the purpose for which assistance is requested, the type and amount of assistance requested and any other information required by the board of trustees.

(iii) The board of trustees shall review an application for assistance and determine whether the applicant should receive assistance under this section. If the board of trustees determines that an applicant should receive assistance, then the board of trustees shall prepare a recommendation for assistance. A recommendation for assistance shall provide the purpose for which the assistance is to be provided, the type of assistance to be provided in the form of loan and/or grant funds, the amount of assistance to be provided, whether the applicant must provide matching funds and any other information determined necessary by the board of trustees. The board of trustees shall provide its recommendation for assistance to the Department of Marine Resources and the department shall use funds from the Gulf Coast Restoration Fund for the purpose of providing the assistance.

(3) The Department of Marine Resources shall file an annual report with the Governor, the Secretary of the Senate and the Clerk of the House of Representatives not later than December 1 of each year, regarding the receipt and expenditure of funds under this section and describing all assistance provided under this section.

(4) The Department of Marine Resources shall have all powers necessary to implement and administer the program established under this section, and the department shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, necessary for the implementation of this section.

SECTION 2. Section 27-103-302, Mississippi Code of 1972, is brought forward 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 for appropriation by the Legislature.

SECTION 3. This act shall take effect and be in force from and after July 1, 2016.