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Former speaker Bense to oversee oil spill trust fund

Senate President Don Gaetz insisted on setting up a trust fund to ensure that any proceeds Florida receives from lawsuits or settlements related to the BP oil spill goes to affected counties. Today, he announced that former House Speaker Allan Bense will chair the board of this endowment fund, known as Triumph Gulf Coast, Inc.

From the press  release:

Former House Speaker Allan Bense was appointed today to the Board of Trustees of Triumph Gulf Coast, Inc., an endowment established by the Florida Legislature to manage fine and settlement dollars coming to the state as a result of the Deepwater Horizon Oil Spill.

Bense (R-Panama City) was selected by Senate President Don Gaetz who, along with the Governor and House Speaker, chose the five person board. Bense represented portions of Franklin, Gulf and Bay counties in the House of Representatives from 1998 to 2006. During his final two years, he was Speaker of the House. 

“Allan Bense is a lifelong champion and passionate steward of the natural and human resources of the Northwest Florida Gulf Coast,” Gaetz said, in making the appointment. “He built successful companies from the ground up, meets payrolls every week, and intimately understands the economy and people of our area. As a business and political leader he has always cared more about the next generation than the next election.”

Triumph Gulf Coast was created to ensure that funds coming to the state as a result of lawsuits or settlements with British Petroleum, Halliburton or others found culpable in the 2010 oil spill would not be wasted or spent quickly. The five member board, assisted by professional financial managers, will be accountable to invest and use the proceeds and principal over the course of thirty years to promote job creation through lasting economic development in the eight coastal counties of Northwest Florida, stretching from Escambia through Wakulla counties.

The amount of money to be managed by the endowment is yet to be determined. Attorney General Pam Bondi is seeking over $2 billion in a lawsuit filed earlier this year. Those proceeds and others, when and if they do come, would be deposited in the endowment according to legislation pushed by Gaetz and passed in the 2013 session.