SB4 Alabama 2016 1st Special Session Session

Summary

Primary Sponsor

Arthur Orr Senator

Republican

Session

First Special Session 2016

Title

Russell Co., sheriffs, additional qualifications, continuing education

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 General Fund Rainy Day Account and to provide additional funding for the Alabama Medicaid Agency and to repay the Alabama Trust Fund. 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.

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Subjects

Sheriffs