SB31 Alabama 2015 1st Special Session

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

To authorize the creation of a new public corporation of the State of Alabama to be known as the "Alabama Economic Settlement Authority"; to make Legislative findings; to provide procedures for incorporating the authority; to provide for the members, officers and directors of the authority; to provide for the powers of the authority; to authorize the issuance of bonds by the authority and to provide for the source of payment of, and security for, the bonds; to provide for the form, sale and execution of the bonds; to provide that the authority may seek a guaranty of the bonds by the State; to authorize refunding bonds; to provide for the disposition of the proceeds of the bonds, including deposits in the Alabama Trust Fund and the General Fund Rainy Day Account of the Alabama Trust Fund and the payment of costs of capital improvements; to create a special fund to be known as the "BP Settlement Fund" and to provide for deposits into and withdrawals from the fund; to appropriate and pledge certain revenues to be received by the State from the settlement of claims against BP Petroleum Exploration and Production, Inc. as security for the bonds and other uses; to provide a procedure for establishing the validity of the bonds; to provide that the bonds shall be exempt from taxation in the State; and to make other provisions related to the sale of the bonds, services to be provided by the Department of Finance and dissolution of the authority when no bonds remain outstanding.