DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part of the
legislative instrument. The keyword, one-liner, abstract, and digest do not constitute part of the law
or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
HB 386 Original 2015 Regular Session Leger
Abstract: Dedicates interest from the Deepwater Horizon Economic Damages Collection Fund to
institutions of higher education according to the formula adopted by the Board of Regents.
Present law establishes the Deepwater Horizon Economic Damages Collection Fund, herein after
"fund", as a special permanent trust fund in the state treasury. Requires the proceeds of the state's
economic damages claims asserted in the state's lawsuit against BP Exploration & Production as a
result of the Deepwater Horizon explosion and oil spill after deposits are made to the Budget
Stabilization Fund, the Medicaid Trust Fund for the Elderly, and the Health Trust Fund.
Proposed law retains present law and further provides that interest earned on the investment of
monies in the fund shall be credited to the fund. Appropriations from the fund are limited to annual
interest earnings and shall be made to the Board of Regents to be distributed to state public
postsecondary education institutions in accordance with the formula for the equitable distribution
of funds required by present constitution. Additionally allows appropriations to be distributed to
independent institutions of higher learning in accordance with present law (R.S. 17:2053) which
requires the Board of Regents to reimburse independent institutions of higher learning in the state
for educating La. residents.
Proposed law requires that appropriations to the Board of Regents shall not displace, replace, or
supplant funding for higher education.
(Amends R.S. 39:91(C); Adds R.S. 39:91(D))