RÉSUMÉ DIGEST
ACT 396 (HB 386) 2015 Regular Session Leger
Existing law establishes the Deepwater Horizon Economic Damages Collection Fund, (the
fund), as a special permanent trust fund in the state treasury. Requires the deposit of 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 into
the fund. Further requires, within 30 days of receipt of the proceeds, deposits from the fund
to the Budget Stabilization Fund, the Medicaid Trust Fund for the Elderly, and the Health
Trust Fund.
New law additionally 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 existing constitution. Additionally allows appropriations
to be distributed to independent institutions of higher learning in accordance with existing
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.
New law requires that appropriations to the Board of Regents from the fund shall not
displace, replace, or supplant funding for higher education.
Effective August 1, 2015.
(Amends R.S. 39:91(C); Adds R.S. 39:91(D))