HB34 Alabama 2016 1st Special Session Session

Summary

Primary Sponsor

Terri Collins Representative

Republican

Session

First Special Session 2016

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 provide for the distribution of the proceeds of the bonds to make deposits in the Alabama Trust Fund and the General Fund Rainy Day Account and to pay the cost of certain transportation projects 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.

This bill would also express legislative intent regarding previously enacted appropriations for debt payments and the Alabama Medicaid Agency and would modify the repayment schedule for remaining amounts owed to the Alabama Trust Fund pursuant to the People's Trust Act.

Subjects

Authorities