SLS 16RS-582 ORIGINAL
2016 Regular Session
SENATE CONCURRENT RESOL UTION NO. 29
BY SENATOR CHABERT
COASTAL RESOURCES. Requests the Coastal Protection and Restoration Financing
Corporation to study the feasibility of employing financing techniques to convert future BP
settlement payments into current assets to be deposited in and credited to the Coastal
Protection and Restoration Fund.
1 A CONCURRENT RESOL UTION
2 To urge and request the Coastal Protection and Restoration Financing Corporation to study
3 and make recommendations on the feasibility of employing financing techniques to
4 convert settlement payments received pursuant to the consent decree entered into in
5 the case "In re: Oil Spill by the Oil Rig 'Deepwater Horizon' in the Gulf of Mexico,
6 on April 20, 2010", into current assets to be deposited and credited to the Coastal
7 Protection and Restoration Fund.
8 WHEREAS, Act No. 249 of the 2007 Regular Session created the Coastal Protection
9 and Restoration Financing Corporation (Corporation) for the purpose of carrying out the
10 financing, purchasing, owning, and managing of the Offshore Royalty Revenues and the
11 Offshore Royalty Revenue assets received from the portion of the monies to be received by
12 the state of Louisiana as a result of the Gulf of Mexico Energy Security Act of 2006; and
13 WHEREAS, in order to provide current assets and funds for the Coastal Protection
14 and Restoration Fund for the benefit of the state, the Corporation is authorized to issue bonds
15 of the Corporation; and
16 WHEREAS, the state of Louisiana entered into a consent decree to address civil
17 claims arising from the "Deepwater Horizon" incident asserted by the United States and
18 Louisiana, Alabama, Florida, Mississippi, and Texas against BP Exploration & Production
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SLS 16RS-582 ORIGINAL
1 and BP entities, including claims for civil penalties, natural resource damages, response
2 costs, and other damage; and
3 WHEREAS, the notice of lodging of the consent decree was filed with the court on
4 October 5, 2015, in "In re: Oil Spill by the Oil Rig 'Deepwater Horizon' in the Gulf of
5 Mexico, on April 20, 2010", MDL No. 2179, United States District Court of the Eastern
6 District of Louisiana; and
7 WHEREAS, it is in the best interest of the state to restore, rehabilitate, or replace the
8 natural resources lost or injured as a result of the "Deepwater Horizon" incident as soon as
9 practicable in compliance with the consent decree; and
10 WHEREAS, the Coastal Protection and Restoration Authority has been designated
11 as the lead trustee under the Oil Pollution Act of 1990, pursuant to 33 U.S.C. 2705; and
12 WHEREAS, the Coastal Protection and Restoration Fund was established in the state
13 treasury to provide a dedicated, recurring source of revenues for the development and
14 implementation of a program to protect and restore Louisiana's coastal area; and
15 WHEREAS, it is in the best interest of the state to consider the feasibility of
16 employing financing techniques to convert future settlement payments received as a result
17 of the consent decree into current assets to be deposited in and credited to the Coastal
18 Protection and Restoration Fund.
19 THEREFORE, BE IT RESOLVED that the Legislature of Louisiana does hereby
20 urge and request the Coastal Protection and Restoration Financing Corporation to study the
21 feasibility of employing financing techniques to convert future settlement payments received
22 as a result of the consent decree entered into in the case "In re: Oil Spill by the Oil Rig
23 'Deepwater Horizon' in the Gulf of Mexico, on April 20, 2010", MDL No. 2179, United
24 States District Court of the Eastern District of Louisiana, into current assets to be deposited
25 in and credited to the Coastal Protection and Restoration Fund.
26 BE IT FURTHER RESOLVED that a suitable copy of this Resolution be transmitted
27 to the executive assistant to the governor for coastal activities and the executive director of
28 the Coastal Protection and Restoration Authority.
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SLS 16RS-582 ORIGINAL
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Alan Miller.
DIGEST
SCR 29 Original 2016 Regular Session Chabert
Requests the Coastal Protection and Restoration Financing Corporation to study the
feasibility of employing financing techniques to convert future settlement payments received
as a result of the consent decree entered into in the case "In re: Oil Spill by the Oil Rig
'Deepwater Horizon' in the Gulf of Mexico, on April 20, 2010", MDL No. 2179, United
States District Court of the Eastern District of Louisiana, into current assets to be deposited
in and credited to the Coastal Protection and Restoration Fund.
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