Texas House Bill HB3064

Texas 2017 - 85th Regular

Caption

Relating to the dedication and maximization of returns on payments received by this state for economic losses sustained from the Deepwater Horizon oil spill.

Impact

The bill as it stands proposes that the Texas Gulf Recovery Fund will be exclusively aimed at leveraging the economic benefits of the funds for projects benefitting areas affected by the oil spill, although no such funds can be appropriated for use until after a specified time in 2033. The fund will be administered by the state comptroller, who is responsible for ensuring that the assets are invested prudently, with the aim of generating the highest possible returns until they can be allocated for ecological or economic restoration projects. This represents a significant change in the state's strategy towards managing funds related to environmental crises and underscores a long-term commitment to regional recovery efforts.

Summary

House Bill 3064 is a legislative measure focused on the establishment and management of the Texas Gulf Recovery Fund, dedicated to maximizing returns on payments received by the state related to economic losses stemming from the Deepwater Horizon oil spill. This fund is set to collect all monetary compensation linked to the spill, specifically payments received under legal settlements such as the Gulf States Economic Claims Settlement Agreement as well as the Master Settlement Agreement involving key oil industry players. The fund is structured to operate outside the general revenue fund, aiming to ensure proper tracking and management of these funds over time.

Contention

Key points of contention surrounding HB3064 may arise from discussions around how to best utilize the funds and the implied delay in their actual spending until 2033. Critics may argue that while maximizing returns is critical, the extended timeline could hinder timely recovery efforts for affected communities. Supporters assert that a measured investment approach that prioritizes growth will ultimately benefit the environment and the economy in the aftermath of the disaster. Stakeholders are likely to express differing views on the timeline and allocation of resources, which may prove to be focal points in ongoing debates affecting the bill's implementation.