SB31 Alabama 2015 1st Special Session

Summary

Primary Sponsor

Arthur Orr Senator

Republican

Session

First Special Session 2015

Title

Economic Settlement Authority, created, issuance of bonds by authority payable from revenue from settlement of BP Oil Spill for capital improvements and deposit into certain funds, BP Settlement Fund created

Description

This bill would authorize the creation of the Alabama Economic Settlement Authority. This bill would authorize the Authority to issue bonds payable from revenues received from the settlement of certain claims of the State against BP Petroleum and Exploration, Inc. and would provide for the terms of the bonds and their sale. The bill would also authorize the proceeds of the bonds to be used to make deposits in the Alabama Trust Fund and the General Fund Rainy Day Account or to pay the cost of capital improvements of the State. This bill would also create a special fund entitled the “BP Settlement Fund” into which revenues from the settlement of economic damages claims against BP Petroleum and Exploration, Inc. would be deposited, and would pledge and appropriate such revenues for the payment of the authority’s bonds.

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Subjects

Authorities