MS SB2862

Creates the "Gulf Coast Restoration Reserve Fund" in the State Treasury to receive settlement payments from BP for economic damages from the 2010 Deepwater Horizon oil spill

Establishes total settlement payments of $750 million to be transferred from the Budget Contingency Fund, consisting of $150 million paid in 2016 and $40 million annually from 2019 through 2033

Excludes $41 million previously appropriated by the Legislature at the 2015 Regular Session from transfer to the new fund

Requires monies in the Restoration Reserve Fund to be used for projects benefiting the Mississippi Gulf Coast that the Legislature determines have statewide significance and impact

Amends Mississippi Code Section 27-103-302 to direct the State Fiscal Officer to transfer Deepwater Horizon settlement funds into the Gulf Coast Restoration Reserve Fund