On Tuesday, Senator Norby Chabert (R-Houma) asked House Appropriations to consider a study resolution so the state might get BP settlement funds faster.
Representative Pat Smith asked if this was something "similar to what we did with the Tobacco Settlement?"
"That example has been brought up before, yeah," responded Chabert.
Louisiana is set to receive over $6 billion for environmental damages resulting from the 2010 BP oil spill.
Chip Klein, Deputy Director for Coastal Activities in the Governor’s office, says getting that money sooner could be an unprecedented opportunity for the coastal program.
“The settlement is over about a fifteen year period. Does it make sense for the state to bond out the dollars from future years to get that money up front now? Obviously, we’ve got a very big sense of urgency in the coastal program and we want to get projects on the ground as fast as we can,” explained Klein.
Projects that are very expensive.
“A lot of these projects are massive projects," says Chabert. "The total estimated cost of possibly restoring the coast is anywhere between two hundred, three hundred, some people say over half a trillion dollars. We’ve got a $50 billion, 50 year plan to fix a problem that is quadruple the size of the monies we’re going to have. You have the ability to use an awful, awful situation to make the best out of it,” he adds.
The hope is to have the greatest effect in the least possible time.
“Our opportunity," the Senator noted, "is one we never thought we’d have. And I think it’s important for us to maximize that opportunity.”
The full House still has to vote on the resolution, which will look at how much the state forfeits if it does sell off some - or all - of the settlement for quick cash.