SB167 Alabama 2013 Session

Summary

Primary Sponsor

Paul Sanford

Republican

Session

Regular Session 2013

Title

Alabama Trust Fund, Deep Water Horizon proceeds to be used to repay transfer of fund from the Alabama Trust Fund

Summary

SB167 would require Deepwater Horizon settlement proceeds to repay prior transfers from Alabama’s trust and rainy-day funds to the General or Education funds, and would allocate 10% of the remaining proceeds back into the Alabama Trust Fund.

What This Bill Does

If enacted, the settlement money would first be used to repay transfers from the Alabama Trust Fund, the General Fund Rainy Day Account, or the Education Trust Fund Rainy Day Account to the General Fund or the Education Fund. After those repayments, 10% of the remaining settlement proceeds would be deposited into the Alabama Trust Fund. The act would take effect on the first day of the third month after passage and governor approval.

Who It Affects

• Alabama Trust Fund, General Fund Rainy Day Account, and Education Trust Fund Rainy Day Account — their prior transfers to the General Fund or Education Fund would be repaid using settlement proceeds, and 10% of the remaining proceeds would go back to the Alabama Trust Fund.
• General Fund and Education Trust Fund — whose funds were previously moved to cover other needs, would receive repayment of those transfers from the settlement proceeds.

Key Provisions

• Proceeds from the Deep Water Horizon settlement shall be used to repay funds transferred from the Alabama Trust Fund, the General Fund Rainy Day Account, or the Education Trust Fund Rainy Day Account to the General Fund or the Education Fund.
• Ten percent of any remaining settlement proceeds shall be deposited into the Alabama Trust Fund.
• The act becomes effective on the first day of the third month following its passage and governor's approval.

AI-generated summary using openai/gpt-5-nano on Feb 25, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Alabama Trust Fund