Florida Senate - 2017                                     SB 364
       
       
        
       By Senators Gainer, Broxson, and Montford
       
       2-00613-17                                             2017364__
    1                        A bill to be entitled                      
    2         An act relating to the Recovery Fund for the Deepwater
    3         Horizon incident; amending s. 288.8012, F.S.; defining
    4         the term “settlement agreement”; amending s. 288.8013,
    5         F.S.; revising the funding source of the principal of
    6         the Recovery Fund for the Deepwater Horizon incident;
    7         requiring that certain funds be transferred to the
    8         Recovery Fund within a specified timeframe; providing
    9         an effective date.
   10          
   11  Be It Enacted by the Legislature of the State of Florida:
   12  
   13         Section 1. Subsection (5) is added to section 288.8012,
   14  Florida Statutes, to read:
   15         288.8012 Definitions.—As used in ss. 288.80-288.8017, the
   16  term:
   17         (5) “Settlement agreement” means the agreement between the
   18  gulf states and the BP entities with respect to economic claims
   19  arising from the Deepwater Horizon incident.
   20         Section 2. Subsection (2) of section 288.8013, Florida
   21  Statutes, is amended to read:
   22         288.8013 Triumph Gulf Coast, Inc.; Recovery Fund; creation;
   23  investment.—
   24         (2)(a) Triumph Gulf Coast, Inc., must create and administer
   25  the Recovery Fund for the benefit of the disproportionately
   26  affected counties. The principal of the fund shall derive from
   27  75 percent of all moneys received by the state pursuant to the
   28  settlement agreement funds recovered by the Attorney General for
   29  economic damage to the state resulting from the Deepwater
   30  Horizon disaster, after payment of reasonable and necessary
   31  attorney fees, costs, and expenses, including such attorney
   32  fees, costs, and expenses pursuant to s. 16.0155.
   33         (b)1. After reasonable and necessary payment of attorney
   34  fees, costs, and related expenses, 75 percent of the remaining
   35  moneys received by the state before June 30, 2017, pursuant to
   36  the settlement agreement is appropriated to Triumph Gulf Coast,
   37  Inc., and shall be transferred to the Recovery Fund no later
   38  than August 1, 2017.
   39         2. Seventy-five percent of the moneys received by the state
   40  pursuant to the settlement agreement on or after July 1, 2017,
   41  is appropriated to Triumph Gulf Coast, Inc., and shall be
   42  transferred to the Recovery Fund no later than 30 days after
   43  such funds are received by the state.
   44         Section 3. This act shall take effect July 1, 2017.