(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.
Structure Code of Alabama
Article 19 - Alabama Economic Settlement Authority.
Section 41-10-750 - Legislative Findings and Purpose.
Section 41-10-751 - Definitions.
Section 41-10-752 - Incorporation of Authority Authorized; Application; Filing.
Section 41-10-753 - Members, Officers, and Directors.
Section 41-10-754 - Powers of the Authority.
Section 41-10-755 - Bonds of the Authority.
Section 41-10-756 - Refunding Bonds.
Section 41-10-757 - Disposition of Proceeds of Bonds.
Section 41-10-758 - Creation of Special Fund.
Section 41-10-759 - Pledge and Appropriation of Bp Settlement Revenue to Pay Bonds.
Section 41-10-760 - Notice - Contested Actions.
Section 41-10-761 - Tax Exemption.
Section 41-10-762 - Notice and Hearing Not Required.
Section 41-10-763 - Applicability of Other Laws.
Section 41-10-764 - Dissolution.
Section 41-10-765 - Diversity.
Section 41-10-766 - Services Provided by Department of Finance.
Section 41-10-767 - Bonds Are Legal Investments.