RESTORE Council Approves Louisiana State Expenditure Plan
- Business & Finance
The Gulf Coast Ecosystem Restoration Council (RESTORE Council) Chair and the U.S. Department of Treasury have both accepted the Louisiana State Expenditure Plan (SEP) based on the Council Acting Executive Director’s approval recommendation.
The Council Chair has found the Louisiana SEP is complete and meets all requirements contained in the RESTORE Act, the Department of the Treasury’s implementing regulations (31 C.F.R. Part 34), and the Council’s SEP Guidelines.
USDA provided Louisiana with a letter of approval, reiterating the Council’s commitment to ensuring an efficient and effective process for funding the activities in the Louisiana SEP.
CPRA (Louisiana’s Coastal Protection and Restoration Authority) recently issued a press release providing additional information about their projects and next steps.
Louisiana is now the first state to have a plan accepted by both Treasury and the RESTORE Council for the expenditure of all of its Direct Component and Spill Impact Component funds from the Transocean, Anadarko Petroleum Corporation and BP Exploration & Production Inc. settlements over a 15 year period.