SB13 Alabama 2015 1st Special Session

Sponsors

Session

First Special Session 2015

Title

Legacy Trust Fund, created, board of trustees, settlement proceeds, assets repay Alabama Trust Fund Rainy Day Account, assets held in trust, interest paid to General Fund, Alabama Capital Improvement Trust Fund, and to Legacy Trust Fund, creation of authority to issue bonds using Deepwater Horizon Oil Spill Disaster Settlement required, const. amend.

Description

This bill would propose an amendment to the Constitution of Alabama of 1901, to create the Alabama Legacy Trust Fund.

The proposed amendment would require the Alabama Trust Fund Board of Trustees to administer the fund.

The proposed amendment provides for the distribution of certain payments received by the state from settlements and other monies.

The proposed amendment also provides that trust capital be held in perpetual trust and provides for the distribution of trust income.

The proposed amendment would require the Legislature to enact legislation creating an authority to issue revenue bonds using any Deepwater Horizon Oil Spill Disaster Settlement to fund the bond payments.

Proposing an amendment to the Constitution of Alabama of 1901, to create the Alabama Legacy Trust Fund; to provide for the distribution of payments from settlements and other monies; to provide for the holding of trust capital in perpetual trust; and to provide for the distribution of trust income.

Subjects

Constitutional Amendments