The original instrument and the following digest, which constitutes no part of the
legislative instrument, were prepared by Jay R. Lueckel.
DIGEST
Buffington (SB 658)
Present law establishes the Budget Stabilization Fund and the Medicaid Trust Fund for the
Elderly and provides for deposits and uses of the fund.
Proposed law creates the Deepwater Horizon Economic Damages Collection Fund and deposits
proceeds of the settlement, judgment, or final disposition of the state's economic damages claims
asserted in State of Louisiana v. BP Exploration & Production, et al., MDL NO. 2179 (E.D.LA.
pending) (hereinafter "DWH litigation") to recover economic damages sustained by the state
from the Deepwater Horizon explosion and oil spill that occurred on or about April 20, 2010, at
the MC 252 site in the Gulf of Mexico into the fund.
Proposed law further provides that within thirty days of each deposit of economic damages
proceeds from the DWH litigation into the fund, the treasurer shall make the transfers from the
fund as follows:
(1)50% of the deposits shall be transferred to the Budget Stabilization Fund until the fund
reaches the balance of the fund as of April 20, 2010.
(2)50% of the deposits shall be transferred to the Medicaid Trust Fund for the Elderly until
an amount not to exceed seven hundred million dollars has been deposited into the fund.
The provisions of proposed law relative to the Deepwater Horizon Economic Damages
Collection Fund shall be null, void, and of no effect at the later of the conclusion of the DWH
litigation or July 1, 2024.
Proposed law provides that a portion of the monies received by the state from the settlement,
judgment, or final disposition of the state's economic damages claims asserted in State of
Louisiana v. BP Exploration & Production, et al. associated with the Deepwater Horizon oil spill
as provided for in proposed law, not to exceed $700 million, shall be deposited into the Medicaid
Trust Fund for the Elderly, except when the terms and conditions stipulated in the settlement or
judgment require otherwise.
Effective July 1, 2014.
(Amends R.S. 46:2691(A); adds R.S. 39:91)