(a) The Legislature finds and declares the following:
Terms Used In Alabama Code 41-10-750
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
property: includes both real and personal property. See Alabama Code 1-1-1
Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
(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.
