2016 Regular Session ENROLLED
SENATE CONCURRENT RESOL UTION NO. 29
BY SENATOR CHABERT
A CONCURRENT RESOL UTION
To urge and request the Coastal Protection and Restoration Financing Corporation to study
and make recommendations on the feasibility of employing financing techniques to
convert settlement payments received pursuant to 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", into current assets to be deposited and credited to the Coastal
Protection and Restoration Fund.
WHEREAS, Act No. 249 of the 2007 Regular Session created the Coastal Protection
and Restoration Financing Corporation (Corporation) for the purpose of carrying out the
financing, purchasing, owning, and managing of the Offshore Royalty Revenues and the
Offshore Royalty Revenue assets received from the portion of the monies to be received by
the state of Louisiana as a result of the Gulf of Mexico Energy Security Act of 2006; and
WHEREAS, in order to provide current assets and funds for the Coastal Protection
and Restoration Fund for the benefit of the state, the Corporation is authorized to issue bonds
of the Corporation; and
WHEREAS, the state of Louisiana entered into a consent decree to address civil
claims arising from the "Deepwater Horizon" incident asserted by the United States and
Louisiana, Alabama, Florida, Mississippi, and Texas against BP Exploration & Production
and BP entities, including claims for civil penalties, natural resource damages, response
costs, and other damage; and
WHEREAS, the notice of lodging of the consent decree was filed with the court on
October 5, 2015, in "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; and
WHEREAS, it is in the best interest of the state to restore, rehabilitate, or replace the
natural resources lost or injured as a result of the "Deepwater Horizon" incident as soon as
practicable in compliance with the consent decree; and
Page 1 of 2 SCR NO. 29 ENROLLED
WHEREAS, the Coastal Protection and Restoration Authority has been designated
as the lead trustee under the Oil Pollution Act of 1990, pursuant to 33 U.S.C. 2705; and
WHEREAS, the Coastal Protection and Restoration Fund was established in the state
treasury to provide a dedicated, recurring source of revenues for the development and
implementation of a program to protect and restore Louisiana's coastal area; and
WHEREAS, it is in the best interest of the state to consider the feasibility of
employing financing techniques to convert future settlement payments received as a result
of the consent decree into current assets to be deposited in and credited to the Coastal
Protection and Restoration Fund.
THEREFORE, BE IT RESOLVED that the Legislature of Louisiana does hereby
urge and request 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.
BE IT FURTHER RESOLVED that a copy of this Resolution be transmitted to the
executive assistant to the governor for coastal activities and the executive director of the
Coastal Protection and Restoration Authority.
PRESIDENT OF THE SENATE
SPEAKER OF THE HOUSE OF REPRESENTATIVES
Page 2 of 2