The RESTORE Act contains five different funding components, one of which directs 35 percent of the funds deposited into the Trust Fund to each of the five Gulf Coast States in equal shares for expenditure for ecological and economic restoration of the Gulf Coast region (the “Direct Component”) and one of which directs 30 percent of the funds deposited in the Trust Fund to each of the five Gulf Coast States to address the ecological and economic impacts from the oil spill based on a formula established by the Council by regulation (the “Spill Impact Component”). In order for a Gulf Coast State to receive funding under the Direct Component or the Spill Impact Component of the RESTORE Act, the States must first develop a plan for the expenditure of Trust Fund monies under those funding components.
Because the activities eligible for funding under the Direct Component and Spill Impact Component are nearly identical, and the requirements for both the Multiyear Implementation Plan and the State Expenditure Plan are similar, the State of Louisiana has elected to combine these two plans into a single document entitled “RESTORE Act Multiyear Implementation and Expenditure Plan,” which is guided by the state’s Comprehensive Master Plan for a Sustainable Coast.
On May 20, 2015, Louisiana released its draft State RESTORE Plan for public comment. The comments the State were received were generally positive.
Accordingly, on July 15, 2015, the State submitted its plan to the U.S. Department of Treasury (“Treasury”) for approval as a prerequisite under the RESTORE Act for requesting and receiving Direct Component funds.
On September 21, 2015, Treasury notified the State that it was the first state to have a plan for the expenditure of Direct Component funds accepted by Treasury and the first state eligible to apply for Direct Component grants from Treasury.