Louisiana Lawmakers Use Deepwater Horizon Settlement for Roads
Louisiana Lawmakers Use Deepwater Horizon Settlement for Roads
(Bloomberg) -- Lawmakers in Louisiana approved legislation to sell bonds backed by settlement payments the state receives from the Deepwater Horizon litigation. Proceeds from the borrowing would fund road and bridge construction.
House Bill 578 allows the state to securitize about $50 million in annual settlement payments to finance a $700 million transportation infrastructure package. The legislation goes to Governor John Bel Edwards for his signature. Under current law, the money is sent to the state’s rainy day fund and trusts dedicated to health care and the elderly.
Known to be the largest environmental damage settlement in history, the owners and operators of the rig are required to pay billions to Louisiana after the Deepwater Horizon oil rig exploded in April 2010, killing 11 workers and unleashing the worst oil spill in U.S. history.
To contact the reporter on this story: Danielle Moran in New York at dmoran21@bloomberg.net
To contact the editors responsible for this story: James Crombie at jcrombie8@bloomberg.net, Michael B. Marois, William Selway
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