RÉSUMÉ DIGEST
ACT 3 (SB 4) 2016 First Extraordinary Session LaFleur
Prior law established the Deepwater Horizon Economic Damages Collection Fund as a
special permanent trust fund in the state treasury for deposits of the proceeds of the
settlement of the state's economic damages lawsuit to recover economic damages sustained
from the Deepwater Horizon explosion and oil spill (DWH litigation) into the fund.
Prior law provided that within 30 days of the receipt of economic damages proceeds from
the DWH litigation, the treasurer is to make the following deposits:
(1)45% of each such receipt to the Budget Stabilization Fund until that fund reaches the
amount statutorily mandated by existing law (4% of the previous fiscal year's state
revenue receipts).
(2)45% of each such receipt to the Medicaid Trust Fund for the Elderly until
$700,000,000 has been deposited into the fund.
(3)10% of each such receipt to the Health Trust Fund until $30,000,000 has been
deposited into the fund.
New law provides that the first $200 million of receipts from the DWH litigation are to be
deposited into the Fiscal Year 2015-2016 Deficit Elimination Fund. New law retains prior
law for receipts from the DWH litigation received after the first $200 million is deposited
into the Fiscal Year 2015-2016 Deficit Elimination Fund.
New law provides for the creation of the Fiscal Year 2015-2016 Deficit Elimination Fund
and provides that the monies in the fund shall be appropriated and used solely to provide a
source of funds to eliminate all or a portion of the Fiscal Year 2015-2016 budgetary deficit.
Further requires that this fund be comprised of noncoastal restoration monies.
Effective upon signature of the governor ( ).
(Amends R.S. 39:91(A), (B)(intro para) and (D); adds R.S. 39:91(E))