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The Florida Senate

2020 Florida Statutes

F.S. 288.80125
288.80125 Triumph Gulf Coast Trust Fund.
(1) The Triumph Gulf Coast Trust Fund is created within the department. The trust fund is established as a depository for funds transferred, as set forth in s. 288.8013, from the General Revenue Fund pursuant to the “Settlement Agreement Between the Gulf States and the BP Entities with Respect to Economic and Other Claims Arising from the Deepwater Horizon Incident,” which was entered into on October 5, 2015, in the case styled In re: Oil Spill by the Oil Rig “Deepwater Horizon” in the Gulf of Mexico, on April 20, 2010, MDL 2179 in the United States District Court for the Eastern District of Louisiana. The trust fund is exempt from the general revenue service charge provided in s. 215.20.
(2) Funds from the trust fund shall be used for the purposes described in ss. 288.8011-288.8018.
(3) In accordance with s. 19(f)(2), Art. III of the State Constitution, the Triumph Gulf Coast Trust Fund shall, unless terminated sooner, be terminated on July 1, 2021. Before its scheduled termination, the trust fund shall be reviewed as provided in s. 215.3206(1) and (2).
1(4) For the 2020-2021 fiscal year, funds shall be used for the Rebuild Florida Revolving Loan Fund program to provide assistance to businesses impacted by Hurricane Michael as provided in the General Appropriations Act. This subsection expires July 1, 2021.
History.s. 1, ch. 2017-64; s. 92, ch. 2020-114.
1Note.Section 92, ch. 2020-114, added subsection (4) “[i]n order to implement Specific Appropriation 2267 of the 2020-2021 General Appropriations Act.”