DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part of the
legislative instrument. The keyword, one-liner, abstract, and digest do not constitute part of the law
or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
HB 618 Reengrossed 2017 Regular Session Garofalo
Abstract: Authorizes the Coastal Protection and Restoration Financing Corporation to issue bonds
with revenues from the Resources Ecosystems Sustainability, Tourist Opportunities, and
Revived Economics of the Gulf Coast State Act (RESTORE) and the Deepwater Horizon
natural resources damages (DWH NRD).
Present law generally authorizes the Coastal Protection and Restoration Financing Corporation to
carry out financing, purchasing, owning, and managing Offshore Royalty Revenues and Offshore
Royalty Revenue Assets received under the Gulf of Mexico Energy Security Act (GOMESA).
Proposed law would allow the same for assets and revenues received under the Deepwater Horizon
natural resources damage (DWH NRD) consent decree and the Resources Ecosystems Sustainability,
Tourist Opportunities, and Revived Economics of the Gulf Coast State Act (RESTORE).
For assets and revenues from NRDA and RESTORE, in accordance with the requirements of the
RESTORE Act and other applicable state and federal law, proposed law authorizes the State Bond
Commission, subject to approval from the Joint Legislative Committee on the Budget and a majority
of each house of the legislature, to sell to the Coastal Protection and Restoration Financing Corp.
allocation received by the state from those two settlements. Authorizes the corporation to use the
assets received from the sale to support the sale of bonds, either RESTORE bonds or DWH NRD
bonds.
Proposed law authorizes the corporation to issue revenue bonds backed by the RESTORE assets or
the DWH NRD assets. Provides for the procedures that are to be followed for each, including
approval by the State Bond Commission and the Joint Legislative Committee on the Budget.
Requires that the proceeds of the sale of the bonds be used for the purposes for which the bonds were
issued. Specifies that the bonds are bonds of the corporation and are in no way backed by the full
faith and credit of the state.
Proposed law requires that all proceeds and monies received by the state, whether through purchase
of assets, as residual interests, or any other way be deposited to the Coastal Protection and
Restoration Fund.
(Amends R.S. 39:99.27(1), (4), (5), (10), (18), 99.30(A)(intro. para.) and (1), 99.38(A), (B), and (C),
and 99.41, 99.42, and 99.44; Adds R.S. 39:99.27(19)-(28)) Summary of Amendments Adopted by House
The House Floor Amendments to the engrossed bill:
1. Specify that activities concerning the sale of assets and transfer of payments be made in
accordance with the requirements of the RESTORE Act and other applicable state and
federal law.