SB13 Alabama 2016 1st Special Session Session

Summary

Primary Sponsor

Paul Sanford

Republican

Session

First Special Session 2016

Title

Hunting and fishing licenses, nonresidents enrolled in college or university, authorized to purchase resident licenses except for lifetime licenses, Sec. 9-11-73 added

Summary

SB13 creates the Alabama Economic Settlement Authority to issue bonds backed by BP settlement revenues and use the proceeds for roads, Medicaid, and state rainy-day funding through a new BP Settlement Fund.

What This Bill Does

It would establish a public corporation called the Alabama Economic Settlement Authority. The Authority could issue bonds payable solely from BP settlement revenues, which are placed into a dedicated BP Settlement Fund to secure the debt. Bond proceeds would first fund road projects, then supplement the Medicaid program, and finally replenish the General Fund Rainy Day Account and the Alabama Trust Fund; any remaining funds could be used for other authorized purposes. The bill also defines how revenues are managed, invested, and applied to debt service, and creates various governance, tax, and dissolution provisions related to the Authority and its bonds.

Who It Affects

• Alabama residents and local governments who would benefit from expanded road funding and Medicaid support funded by BP settlement revenues.
• State government and public funds, including the Alabama Trust Fund, General Fund Rainy Day Account, the Alabama Medicaid Agency, the Department of Finance, and county governments involved in distributing and managing the funds and debt payments.

Key Provisions

• Creates the Alabama Economic Settlement Authority and authorizes its governance structure and location (Montgomery).
• Allows the Authority to issue bonds payable from BP settlement revenues, not as a general obligation of the state, and to secure them with appropriated funds and other collateral.
• Establishes the BP Settlement Fund to hold BP settlement revenues and pledge these revenues for debt service; requires revenues to be deposited and managed as security for bonds.
• Specifies priority uses of bond proceeds: road projects across regions, county-level road funding, Medicaid funding, repayment of Rainy Day funds, and repayment of amounts transferred to the Alabama Trust Fund, with additional uses as authorized.
• Provides tax exemptions for the Authority and its bonds, and designates investment and security provisions, including various investment options and possible credit enhancements.
• Outlines dissolution when no bonds remain, transfer of property to the state, and diversity considerations in contracting and procurement where practical.

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

Subjects

Game and Fish