HB 7077 Summary

• Transfers 75% of Deepwater Horizon oil spill settlement payments from General Revenue Fund to Triumph Gulf Coast Trust Fund for economic recovery in eight disproportionately affected counties (Bay, Escambia, Franklin, Gulf, Okaloosa, Santa Rosa, Walton, and Wakulla).

• Requires minimum fund allocations: at least 40% of initial funds (5% per county) and at least 32% of subsequent funds (4% per county) must be distributed equally among the eight affected counties.

• Establishes county board of commissioners responsibility to solicit projects and programs from local governing boards and submit priority lists to Triumph Gulf Coast, Inc. for award consideration.

• Limits administrative costs to 0.75% of released funds and 2.25% of earnings; caps employee and contracted staff annual salaries at $130,000 with benefits not exceeding 35% of salary.

• Expands Triumph Gulf Coast, Inc. board from 5 to 7 members; reduces post-service conflict-of-interest restrictions from 6 years to 2 years; requires website publication of award summaries at least 14 days before approval; repeals s. 377.43 relating to Deepwater Horizon fund disbursement.