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SB290 149105-3 By Senator Sanford RFD: Finance and Taxation General Fund First Read: 05-MAR-13

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149105-3:n:02/28/2013:JET/tj LRS2013-987R2

SYNOPSIS:

This bill would provide that any proceeds the State of Alabama receives from any monetary settlement or legal disposition associated with economic damages resulting from the Deep Water Horizon oil spill shall be used to repay any funds transferred from the Alabama Trust Fund and the General Fund Rainy Day Account and would further require the remaining proceeds shall be deposited into the Alabama Trust Fund.

A BILL TO BE ENTITLED AN ACT

Relating to the Alabama Trust Fund, and the General Fund Rainy Day Account; to provide that any proceeds the State of Alabama receives from any monetary settlement or legal disposition associated with economic damages resulting from the Deep Water Horizon oil spill shall be used to repay any funds transferred from the Alabama Trust Fund or the Rainy Day

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Accounts to the General Fund; and the remaining balance shall be transferred to the trust fund. BE IT ENACTED BY THE LEGISLATURE OF ALABAMA: Section 1. (a) Notwithstanding any provision of law, the proceeds the State of Alabama receives from any monetary settlement or legal disposition associated with economic damages resulting from the Deep Water Horizon oil spill shall be used to repay any funds transferred from the Alabama Trust Fund or the General Fund Rainy Day Account to the General Fund. (b) Any remaining proceeds of the monetary settlement or legal disposition associated with economic damages shall be deposited into the Alabama Trust Fund. Section 2. This act shall become effective on the first day of the third month following its passage and approval by the Governor, or its otherwise becoming law.

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