HB93 changes Escambia County's Oil and Gas Severance Trust rules to expand investments to certificates of deposit and steer up to 80% of investment income to the county General Fund, while keeping the trust in place unless voters approve termination.
It updates the Escambia County Oil and Gas Severance Trust to include a corpus of $4,000,000 from the 1983-84 oil and gas severance tax plus 20% of the income each year. It allows the county commission, as trustees, to invest the trust funds in SAFE-program securities or in certificates of deposit at Alabama banks or savings and loan associations, provided they are secured by SAFE securities or FDIC insurance. Beginning in fiscal year 1984-85, up to 80% of investment income can be distributed to Escambia County's General Fund, and the trust provisions remain in effect unless a countywide vote decides to terminate.
Assigned Act No. 2016-85.
Delivered to Governor at 4:47 p.m. on March 13, 2016.
Clerk of the House Certification
Signature Requested
Enrolled
Passed Second House
Motion to Read a Third Time and Pass adopted Roll Call 307
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the Senate committee on Local Legislation
Motion to Read a Third Time and Pass adopted Roll Call 10
Third Reading Adopted
Read for the second time and placed on the calendar
Read for the first time and referred to the House of Representatives committee on Local Legislation
Source: Alabama Legislature