2016 First Extraordinary Session ENROLLED
SENATE BILL NO. 4
BY SENATORS LAFLEUR AND ALARIO
1 AN ACT
2 To amend and reenact R.S. 39:91(A), the introductory paragraph of (B), and (D), and to
3 enact R.S. 39:91(E), relative to the deposit of certain funds into the state general
4 fund; to provide for the deposit of certain economic damages payments received by
5 the state pursuant to the settlement of the Deepwater Horizon litigation; to provide
6 for an effective date; and to provide for related matters.
7 Be it enacted by the Legislature of Louisiana:
8 Section 1. R.S. 39:91(A), the introductory paragraph of (B), and (D) are hereby
9 amended and reenacted and R.S. 39:91(E) is hereby enacted to read as follows:
10 ยง91. Deepwater Horizon Economic Damages Collection Fund
11 A. There shall be established in the state treasury as a special permanent trust
12 fund named the Deepwater Horizon Economic Damages Collection Fund. After
13 allocation of money to the Bond Security and Redemption Fund as provided in
14 Article VII, Section 9(B) of the Constitution of Louisiana, the treasurer shall deposit
15 in and credit to the Deepwater Horizon Economic Damages Collection Fund Fiscal
16 Year 2015-2016 Deficit Elimination Fund as created in Subsection D of this
17 Section, the first two hundred million dollars of the proceeds of the settlement,
18 judgment, or final disposition of the state's economic damages claims asserted in
19 State of Louisiana v. BP Exploration & Production, et al., MDL NO. 2179 (E.D.LA.
20 pending) (hereinafter "DWH litigation") to recover economic damages sustained by
21 the state from the Deepwater Horizon explosion and oil spill that occurred on or
22 about April 20, 2010, at the MC 252 site in the Gulf of Mexico.
ACT No. 3
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1 B. Within thirty days of each receipt of economic damages proceeds from
2 the DWH litigation, the treasurer shall make the following deposits All economic
3 damages proceeds from the DWH litigation in excess of the first two hundred
4 million dollars deposited in the Fiscal Year 2015-2016 Deficit Elimination Fund
5 shall be deposited by the treasurer as follows:
6 * * *
7 D.(1) The Fiscal Year 2015-2016 Deficit Elimination Fund, hereinafter
8 referred to as the "fund", is hereby created in the state treasury. After
9 allocation of money to the Bond Security and Redemption Fund as provided in
10 Article VII, Section 9(B) of the Constitution of Louisiana, the treasurer shall
11 deposit in and credit to the Fiscal Year 2015-2016 Deficit Elimination Fund the
12 first two hundred million dollars of the proceeds of the settlement, judgment,
13 or final disposition of the state's economic damages claims asserted in the DWH
14 litigation to recover economic damages sustained by the state from the
15 Deepwater Horizon explosion and oil spill that occurred on or about April 20,
16 2010, at the MC 252 site in the Gulf of Mexico.
17 (2) All unexpended and unencumbered monies in the Fiscal Year
18 2015-2016 Deficit Elimination Fund at the end of the fiscal year shall remain in
19 the fund. The monies in the fund shall be invested by the state treasurer in the
20 same manner as monies in the state general fund, and interest earned on the
21 investment of monies shall be credited to the fund.
22 (3) Monies in the fund shall be appropriated and used solely to provide
23 a source of funds to eliminate all or a portion of the Fiscal Year 2015-2016
24 budgetary deficit.
25 (4) This fund shall only be comprised of noncoastal restoration monies.
26 E. This Subpart shall be null, void, and of no effect at the later of the
27 conclusion of the DWH litigation or July 1, 2024.
28 Section 2. This Act shall become effective upon signature by the governor or, if not
29 signed by the governor, upon expiration of the time for bills to become law without signature
30 by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If
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1 vetoed by the governor and subsequently approved by the legislature, this Act shall become
2 effective on the day following such approval.
PRESIDENT OF THE SENATE
SPEAKER OF THE HOUSE OF REPRESENTATIVES
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED:
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.