RÉSUMÉ DIGEST
ACT 357 (HB 618) 2017 Regular Session Garofalo
Existing law generally authorizes the Coastal Protection and Restoration Financing
Corporation (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).
New law grants the Corporation the same authority with regard to the 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 DWH NRDA and RESTORE, in accordance with the
requirements of the RESTORE Act and other applicable state and federal law, new 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
Corporation, allocations of revenues received by the state from those two settlements. The
Corporation is authorized to use the assets received from the sale to support the sale of
bonds, either RESTORE bonds or DWH NRD bonds.
New law authorizes the Corporation to issue revenue bonds backed by the RESTORE assets
or the DWH NRD assets and provides for procedural and other requirements associated with
a sale. Bonds issued by the Corporation are in no way backed by the full faith and credit of
the state.
New 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.
Effective August 1, 2017.
(Amends R.S. 39:99.27(1), (4), (5), (10), (18), 99.30(A)(intro. para.) and (1), 99.38(A), (B),
and (C), 99.41, and 99.42; Adds R.S. 39:99.27(19)-(28), 99.43, and 99.44)
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