MS HB1385

Creates a special fund in the state treasury designated as the "Gulf Coast Restoration Fund" to provide assistance to entities for enhancing ecological habitat, promoting economic development, and community benefit.

Establishes a nine-member Board of Trustees of the Gulf Coast Restoration Fund consisting of three members appointed by the Governor, three appointed by the Lieutenant Governor (each group with one resident from Hancock, Harrison, and Jackson counties), and three executive directors from county economic development entities.

Authorizes the Department of Marine Resources to provide assistance through loans and/or grants based on board recommendations, with all applications required to demonstrate how the assistance will leverage additional benefit or future savings to the State General Fund.

Requires the board to establish procedures for reviewing applications, monitoring recipient performance with required performance measures, and ensuring conformity to original commitments, including authority to suspend distributions if necessary.

Mandates the Department of Marine Resources to file annual reports by December 1 detailing fund receipts and expenditures, applications reviewed and recommended, status of awarded projects, and effectiveness assessments.