Florida Senate - 2017                        COMMITTEE AMENDMENT
       Bill No. CS for SB 364
       
       
       
       
       
       
                                Ì696972RÎ696972                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                   Comm: WD            .                                
                  04/04/2017           .                                
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       The Committee on Appropriations (Gainer) recommended the
       following:
       
    1         Senate Amendment to Amendment (673964) 
    2  
    3         Delete lines 59 - 104
    4  and insert:
    5  to the Triumph Gulf Coast Trust Fund within 15 days after
    6  receipt Triumph Gulf Coast, Inc., must create and administer the
    7  Recovery Fund for the benefit of the disproportionately affected
    8  counties. The principal of the fund shall derive from 75 percent
    9  of all funds recovered by the Attorney General for economic
   10  damage to the state resulting from the Deepwater Horizon
   11  disaster, after payment of reasonable and necessary attorney
   12  fees, costs, and expenses, including such attorney fees, costs,
   13  and expenses pursuant to s. 16.0155.
   14         (a) Of the 75 percent of the moneys received by the state
   15  before June 30, 2017, and subsequently transferred to Triumph
   16  Gulf Coast, Inc., up to 0.75 percent of such moneys may be used
   17  to pay administrative costs. Forty percent of the remaining
   18  moneys shall be allocated by the board to projects identified in
   19  s. 288.8017 which are reviewed and approved by the boards of
   20  county commissioners in the eight respective disproportionately
   21  affected counties, with no county receiving less than 5 percent
   22  of the total allocation. Any remaining funds shall be allocated
   23  by the board to projects identified in s. 288.8017 in any
   24  disproportionately affected county to address impacts of the
   25  Deepwater Horizon event.
   26         (b) Of the 75 percent of the moneys received by the state
   27  after July 1, 2017, and subsequently transferred to Triumph Gulf
   28  Coast, up to 0.75 percent of such moneys may be used to pay for
   29  administrative costs. Thirty-two percent of the remaining funds
   30  appropriated shall be allocated by the board to projects
   31  identified in s. 288.8017 which are reviewed and approved by the
   32  boards of county commissioners in the eight respective
   33  disproportionately affected counties, with no county receiving
   34  less than 4 percent of each settlement distribution to the
   35  state. Any remaining funds shall be allocated by the board to
   36  projects identified in s. 288.8017.
   37         (c) Notwithstanding s. 216.301, and pursuant to s. 216.351,
   38  funds transferred under this section to the trust fund for the
   39  2017-2018 fiscal year may be expended at any time before the end
   40  of the 2022-2023 fiscal year.
   41         (3) The Recovery Fund must be maintained as a long-term and
   42  stable source of revenue, which shall decline over a 30-year
   43  period in equal amounts each year. Triumph Gulf Coast, Inc.,
   44  shall establish a trust account at a federally insured financial
   45  institution to hold funds transferred or appropriated to it from
   46  the Triumph Gulf Coast Trust Fund and make deposits and
   47  payments. Interest earned in the trust account shall be
   48  deposited monthly into the Triumph Gulf Coast Trust Fund.
   49  Triumph Gulf Coast, Inc., shall invest surplus funds in the
   50  Local