La. redirects $700M for infrastructure

Louisiana lawmakers want to redirect nearly $700M in Gulf of Mexico oil spill recovery monies - earmarked for trust funds - to finance roadwork, bridge upgrades and port improvements. The state receives annual payments of $53.3M through 2034 from BP as compensation for massive 2010 Deepwater Horizon oil spill. The payments are separate from recovery money slated for coastal restoration. The House voted 90-11 on June 4 to final passage of Rep. Tanner Magee’s (R-Houma) bill steering monies to infrastructure projects. The proposal goes to Gov. John Bel Edwards for review. Under the measure, $150M would pay for upgrades to Louisiana Highway 1 in Lafourche Parish, a highway that leads to the critical oil and gas hub at Port Fourchon. Some of the 10 projects will be matched with local, federal and private dollars, according to Magee. The bill would send the $53M annual payment to the trust funds for the upcoming budget year that starts July 1, but scrap those earmarks starting in FY 2020-21. Among some of the other projects: $20M for a new Cameron Parish ferry; $20M to buy two cranes for the Port of New Orleans; and $40M to replace and rehabilitate bridges around the state. The economic-damage dollars are separate from an estimated $5.8B that Louisiana is expected to receive in other civil penalties from the BP settlement – and required to be set aside. (Source: NOLA.com 06/04/19)