There is created in the State Treasury a special fund to be designated as the “Gulf Coast Restoration Fund” (GCRF). The GCRF shall consist of funds required to be deposited into the GCRF by Section 27-103-302, funds appropriated or otherwise made available by the Legislature in any manner, and funds from any other source designated […]
MDA is further authorized, on such terms and conditions consistent with the criteria set forth in this section as it may determine, to establish programs for making loans, loan guarantees, grants and any other financial assistance from the GCRF to applicants whose projects are approved for assistance under this section. MDA shall establish criteria, rules […]
Assistance provided under this chapter may not be used to finance one hundred percent (100%) of the cost of any project. Contracts executed by MDA with recipients of assistance under this chapter must include provisions requiring a performance report on the contracted activities, must account for the proper use of funds provided under the contract, […]
The scope ofa financial audit of recipients of assistance under this chapter shallinclude funds related to any year in which the recipient receivesassistance under this chapter. The scope of review for these fundsshall include, but is not limited to, compliance with state and federallaws related to the receipt and expenditure of those funds and thecriteria […]
MDA shall file an annual report with the Speaker of the House, the Lieutenant Governor, the Chairs of the Appropriations Committees of the House and the Senate, and the Legislative Budget Office not later than December 1 of each year, including detailed information regarding at least the following specific areas: Receipts and expenditures of the […]
Monies in theGulf Coast Restoration Fund shall be used only for the purposes specifiedin this chapter, and no other expenditure, appropriation or transfer ofmonies in the GCRF shall be made except by an act of the Legislaturemaking specific reference to the GCRF as the source of those monies. If any moniesin the GCRF are obligated […]
There is createdthe Gulf Coast Restoration Fund Advisory Board for the purpose ofproviding guidance and expertise to MDA when reviewing applicationsfor assistance under this chapter. The advisory board shall consistof the following seven (7) members: Three (3) appointmentsfrom the Governor; Two (2) appointmentsfrom the Lieutenant Governor; and Two (2) appointmentsfrom the Speaker of the House […]
MDA shall bethe administrator of the Gulf Coast Restoration Fund. MDA is authorizedto carry out any powers and duties authorized in this chapter andshall handle all of the day-to-day matters relating to the GCRF. The annual administrationexpenses of MDA in carrying out its duties under this chapter shallnot exceed one percent (1%) of the amount […]
Applicants who are eligible for assistance under this section include, but are not limited to, local units of government, nongovernmental organizations, institutions of higher learning, community colleges, ports, airports, public-private partnerships, private for-profit entities, private nonprofit entities and local economic development entities. Projects that are eligible for assistance under this section are projects that have […]
