Miss. Code § 27-103-302

Current through the 2024 Regular Session

Section 27-103-302 - Deepwater Horizon settlement funds to be deposited into State BP Settlement Fund and Gulf Coast Restoration Fund

Through August 31, 2018, all funds received by or on behalf of the State of Mississippi through a negotiated settlement for economic damages in connection with the explosion on, and sinking of, the mobile offshore drilling unit Deepwater Horizon, except for any funds that are required by the settlement to be paid to any other public entity, shall be deposited into the Budget Contingency Fund for appropriation by the Legislature.

From and after September 1, 2018, all funds received by or on behalf of the State of Mississippi through a negotiated settlement for economic damages in connection with the explosion on, and sinking of, the mobile offshore drilling unit Deepwater Horizon, except for any funds that are required by the settlement to be paid to any other public entity, shall be deposited as follows:

(a) twenty-five percent (25%) of each annual payment of those funds to the State of Mississippi shall be deposited into the State BP Settlement Fund created in Section 27-103-302.1, and

(b) seventy-five percent (75%) of each annual payment of those funds to the State of Mississippi shall be deposited into the Gulf Coast Restoration Fund created in Section 57-119-1.

Miss. Code § 27-103-302

Laws, 2012, ch. 558, § 1, eff from and after passage (approved May 23, 2012).

Amended by Laws, 2018EX1, ch. 3, SB 2002,§ 1, eff. 9/5/2018.