SB2 Alabama 2015 1st Special Session

Summary

Primary Sponsor

Gerald O. Dial

Republican

Session

First Special Session 2015

Title

Deepwater Horizon Oil Spill disaster Settlement, distribution of funds to relieve certain debt of the state and remaining funds transferred to the Alabama Trust Fund

Summary

SB2 would direct Alabama’s Deepwater Horizon settlement payments to first repay unpaid transfers from the State General Fund to the Alabama Trust Fund, with any remaining funds then deposited into the Alabama Trust Fund.

What This Bill Does

If there are settlement payments allocated to Alabama for economic damages that aren’t already dedicated elsewhere, the Governor would use them as security or collateral to first repay the unpaid amounts owed to the Alabama Trust Fund from transfers from the State General Fund. After that repayment, any remaining funds would be deposited into the Alabama Trust Fund. The act would take effect immediately upon passage and the Governor’s approval.

Who It Affects

• Governor of Alabama — uses settlement payments as security/collateral to repay owed amounts to the Alabama Trust Fund.
• Alabama Trust Fund — would receive repayments first and any remaining settlement funds after repayment.
• State General Fund / its transfers — had unpaid amounts owed to the Alabama Trust Fund that would be repaid using settlement payments.

Key Provisions

• Section 1: Any settlement payment allocated to Alabama for economic damages (not already dedicated) shall be used by the Governor as security or collateral to first repay unpaid amounts owed to the Alabama Trust Fund from transfers from the State General Fund.
• Section 1: After such repayment, any remaining funds shall be deposited into the Alabama Trust Fund.
• Section 2: The act becomes effective immediately after passage and approval by the Governor.

AI-generated summary using openai/gpt-5-nano on Feb 24, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Deepwater Horizon Oil Spill