BP Plc will pay a record $18.7 billion to resolve claims by the U.S. and five states along the Gulf of Mexico related to the 2010 oil spill. The payments will be spaced out over as long as 18 years, according to the preliminary agreement. A record $5.5 billion will cover federal penalties under the Clean Water Act, topping the previous high of $1 billion. Louisiana, Mississippi, Alabama, Florida and Texas will also receive payouts for harm done in the worst offshore spill in U.S. history. “This agreement will resolve the largest liabilities remaining from the tragic accident,” BP Chief Executive Officer Bob Dudley said in a Thursday statement. “For the United States and the Gulf in particular, this agreement will deliver a significant income stream over many years for further restoration of natural resources and for losses related to the spill.” The settlement comes on top of at least $28 billion BP has already spent on response, clean-up and compensation. It also exceeds by almost $3 billion the $43.8 billion the company set aside for fallout from the spill.

Under the agreement, Florida will receive an initial payment of $400 million next year, with subsequent disbursements of about $100 million annually through 2033.

"In total, the settlement is very good for Florida," said Robinson, who noted that the bulk of the settlement will go to the state of Florida, especially for economic claims. Those economic funds will be governed by the Oil Spill Economic Recovery Act, pushed by State Sen. Don Gaetz into law in 2011.

"At this time we do not know how the state will appropriate that money either by use or geography," Robinson said. "Still the State of Florida as a whole was a big winner in the settlement."

• — Meet at least one of the eligibility criteria outlined in the federal RESTORE Act (see eligible activities)
• — Include a project budget.
• — Address the evaluation criteria which can be found at www.myescambia.com/restore.