Provides relative to the Fishermen's Gear Compensation Fund. (7/1/14) (EN DECREASE SD RV See Note)
Impact
The implications of SB 395, should it be enacted, would offer increased financial security to local fishermen impacted by underwater hazards. By creating a compensation mechanism funded through state resources and fees from mineral leases, the bill aims to mitigate the economic disruptions faced by the fishing community. Furthermore, the structured approach to funding may set a precedent for similar compensation initiatives in other sectors affected by environmental and infrastructural issues.
Summary
Senate Bill 395 proposes amendments to the existing statutes concerning the Fishermen's Gear Compensation Fund in Louisiana. The bill establishes a structured framework for the administration of the fund, which is aimed at providing financial support to fishermen affected by underwater obstructions. It sets specific provisions for fees levied on state mineral leases and rights of way within the coastal zone, while also mandating annual deposits into the fund from the state treasury for a limited time.
Sentiment
The sentiment surrounding SB 395 appears to be generally positive among stakeholders within the fishing community, as it directly addresses their concerns for safety and operational integrity in Louisiana's coastal waters. Supporters of the bill believe it showcases a commitment to protecting the livelihood of fishermen, though discussions around the fees imposed on state mineral leases may have raised some reservations among those stakeholders not directly benefiting from the fund.
Contention
While SB 395 primarily enjoys support from environmental and fishing advocates, there may be contention regarding the imposition of fees on mineral leases, as some stakeholders may view these fees as an additional regulatory burden. Additionally, the temporary nature of the fund, with a termination date set for June 30, 2018, raises questions about the long-term sustainability and effectiveness of the proposed compensation mechanism in providing ongoing support to the fishing community.