GULF COAST — The U.S. Treasury Department says it has cleared the way for Gulf Coast state and local governments to begin applying for recovery grants through a federal RESTORE Act trust fund fed with civil penalties arising from the 2010 BP oil spill.
A department statement says that, so far, the trust fund has $653 million. That figure is expected to grow by billions.
Under rules finalized today, 35 percent of the Gulf Restoration Trust Fund will be divided equally among Alabama, Mississippi, Louisiana and Texas state governments and a group of 23 Florida counties.
The federal Gulf Coast Ecosystem Restoration Council will use 30 percent for restoration and will distribute another 30 percent to the states. The remaining 5 percent is marked for research programs and monitoring.
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info