For the benefit of the State of Alabama and the citizens thereof, there is hereby created a special fund named the BP Settlement Fund which shall be funded with BP settlement revenues and administered in accordance with this article. All BP settlement revenues received after September 30, 2017, shall be deposited in the special fund upon receipt and shall be used first to pay principal, interest, and premium, if any, and any other amounts due on or with respect to the bonds of the authority. Any BP settlement revenues determined by the directors of the authority to be in excess of the amounts needed for the payment of all amounts due with respect to the bonds, may be withdrawn from the special fund and used to pay costs and expenses incident to the issuance of the bonds, including costs and expenses incurred by the Department of Finance in the administration of the bonds, may be transferred to and deposited in the Alabama Trust Fund or the General Fund Rainy Day Account, to provide additional funds to the Alabama Medicaid Agency, or may be applied to pay the costs of transportation projects.
Pending the use of revenues in the special fund for the payment of debt service on the bonds, such revenues shall be invested by the State Treasurer in permitted investments until such revenues are needed for such purposes. Earnings on such permitted investments shall remain a part of the special fund.
Last modified: May 3, 2021