GREEN SHEET REDIGEST
HB 618 2017 Regular Session Garofalo
(KEYWORD, SUMMARY, AND DIGEST as amended by Senate committee
amendments)
COASTAL RESOURCES: Authorizes the Coastal Protection and Restoration
Financing Corporation to finance payments from the RESTORE Act and Natural
Resources Damages Act
DIGEST
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.
Summary of Amendments Adopted by Senate
Committee Amendments Proposed by Senate Committee on Revenue and Fiscal Affairs
to the reengrossed bill
1. Makes technical changes.
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Prepared by James Benton.