The
Florida Senate unanimously approved a bill Monday that could bring
over a billion dollars to the eight Panhandle counties that were hit
hardest by the BP oil spill.
The
measure approved Monday would require that 75 percent of all BP
restoration payments coming to Florida go to the area that was hit
the hardest by the oil disaster, which are the 8 counties between
Escambia and Wakulla Counties.
The
money would be held in a trust fund managed by a nonprofit group
called Triumph Gulf Coast.
A
similar bill was approved by the Florida house earlier this year, but
it will have to be re-approved with some changes, and then the
measure will have to be signed by the governor.
Once
approved, 300 million dollars will move into the trust fund
immediately.
Another
$1.2 billion dollars is anticipated to be paid to the nonprofit in
annual installments through 2033.
The
legislation requires the county commission in each of the eight
counties to solicit proposed projects and programs which they would
then provide to Triumph Gulf Coast.
Triumph
Gulf Coast, must allocate at least five percent of the initial $300
million dollars to projects in each county, and must allocate at
least four percent of future settlement funds to projects in each
county.
The
remaining funds are unrestricted and will be allocated by Triumph
Gulf Coast for larger, more regional projects.
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