(a) The Legislature finds and declares the following:
(1) In recent years, withdrawals have been made from the Alabama Trust Fund and the General Fund Rainy Day Account of the Alabama Trust Fund for current budgetary purposes. The Constitution and laws of the State of Alabama require repayment of the withdrawals and the Legislature recognizes the need to restore those funds to their prescribed levels.
(2) It is desirable and in the public interest to establish a public corporation of the State of Alabama with the power to issue bonds for the purpose of making transfers to and deposits in the Alabama Trust Fund and the General Fund Rainy Day Account of the Alabama Trust Fund, to provide additional funds to the Alabama Medicaid Agency, and for paying the costs of transportation projects, and to appropriate and pledge a portion of the revenues to be received by the state from the settlement of certain claims against BP Exploration and Production, Inc., and its corporate affiliates, as the source of payment of the bonds.
(3) By the enactment of this article, it is the intention of the Legislature to:
a. Provide for the creation of a special fund known as the BP Settlement Fund into which BP settlement revenues will be deposited.
b. Authorize the incorporation of the Alabama Economic Settlement Authority, with the power to issue bonds as provided in this article for the purpose of providing funds to be transferred to and deposited in the Alabama Trust Fund and the General Fund Rainy Day Account of the Alabama Trust Fund, to provide additional funds to the Alabama Medicaid Agency, and for paying the costs of certain transportation projects, which bonds shall be payable out of the monies held in the BP Settlement Fund and any other monies and property available to the authority.
c. Appropriate annually the monies held in the BP Settlement Fund for the payment of such bonds.
Last modified: May 3, 2021