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41-10-758
Section 41-10-758 Creation of special fund. 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for the payment of all amounts due with respect to the bonds, may be withdrawn from the special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...
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45-46A-40
Section 45-46A-40 Linden Gas Investment Trust Fund. (a) There is hereby established in the
treasury of the City of Linden, Alabama, in Marengo County, a special investment fund to be
known as the Linden Gas Investment Trust Fund, hereinafter referred to as the fund. All of
the proceeds derived from the purchase agreement of the Linden city gas system negotiated
between the City of Linden, the City of Linden Utilities Board, and the Alabama Gas Corporation,
and any other funds lawfully granted or appropriated to the fund, shall constitute the corpus
or principal amount of the fund. All monies in the trust fund corpus shall be invested by
the governing body of the City of Linden only in those securities which are deemed legal investments
for fiduciaries as prescribed in Section 19-3-120. (b)(1) Upon the establishment of the fund,
the governing body of the City of Linden is authorized to expend only interest income for
any lawful purpose, and shall not spend or obligate any principal or...
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45-17-243
Section 45-17-243 Definitions. (a) The following words, terms, and phrases, as used in this
part, shall have the following respective meanings except where the context clearly indicates
a different meaning: (1) AUTHORITY. The Shoals Economic Development Authority, an agency or
instrumentality of the county and Lauderdale County created pursuant to Subpart 1 and Act
95-409, and includes its successors and assigns, if any, and any agency or instrumentality
that may succeed to its functions. (2) CODE. The Code of Alabama 1975, and all amendments
thereto. (3) COMMITTEE. The Shoals Industrial Development Committee, an agency or instrumentality
of the county and Lauderdale County, created pursuant to Part 2 (commencing with Section 45-17-91.20)
of Article 9, and includes any agency or instrumentality that may succeed to its functions.
(4) COUNTY. Colbert County in the State of Alabama. (5) LAUDERDALE COUNTY. Lauderdale County
in the State of Alabama. (6) SHOALS ECONOMIC DEVELOPMENT FUND....
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22-21-355
Section 22-21-355 Further provisions respecting investment of funds. In addition to the investment
powers granted by the enabling statute, any authority shall, to the extent permitted by the
contracts of such authority with the holders of its securities, have the further power to
invest any portion of the principal proceeds derived from the sale of any of its securities
not then needed for any of the purposes for which such securities were authorized to be issued,
any moneys held in any special fund created pursuant to any resolution or mortgage, mortgage
indenture, mortgage and trust indenture or trust indenture authorizing or securing any of
its securities, and any other moneys of such authority not then needed by it, in any of the
following: (1) Debt securities (whether general obligations or limited or special obligations)
of any state, territory or possession of the United States of America and of any political
subdivision of any such state, territory or possession, but if and...
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45-39-245.40
Section 45-39-245.40 Definitions. (a) The following words, terms, and phrases, as used in this
subpart, shall have the following respective meanings except where the context clearly indicates
a different meaning: (1) AUTHORITY. The Shoals Economic Development Authority, an agency or
instrumentality of the county and Colbert County created pursuant to Subpart 1, commencing
with Section 45-17-90, of Part 1, Article 9, Chapter 17 of this title and Subpart 1, commencing
with Section 45-39-92, of Part 3, Article 9 of this chapter, and includes its successors and
assigns, if any, and any agency or instrumentality that may succeed to its functions. (2)
CODE. The Code of Alabama 1975, and all amendments thereto. (3) COLBERT COUNTY. Colbert County
in the State of Alabama. (4) COMMITTEE. The Shoals Industrial Development Committee, an agency
or instrumentality of the county and Colbert County, that has been, or is to be, created pursuant
to Part 2, commencing with Section 45-17-91.20, of Article...
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11-92A-23
Section 11-92A-23 Special reserve funds and applications for appropriations. (a) In addition
to all other powers at any time conferred upon an authority by law, an authority may, in connection
with the issuance of any bonds hereunder, create and establish one or more special debt service
reserve funds (a "debt service reserve fund"), and may pay or cause to be paid into
each debt service reserve fund (i) proceeds from bonds issued pursuant hereto to the extent
provided by the authority authorizing the issuance thereof; (ii) any moneys appropriated and
made available by the Legislature for the purpose of such fund; and (iii) any other moneys
that may be made available to the authority from any other source for the purpose of such
fund. All moneys held in a debt service reserve fund shall be used solely for the payment
of the principal of, premium, if any, and interest on bonds secured, in whole or in part,
by that fund when and as the same become due and payable as provided in the...
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41-10-757
Section 41-10-757 Disposition of proceeds of bonds. (a) The authority is authorized and empowered
to apply the proceeds of any bonds and any other funds belonging to the authority for any
of the following purposes or uses: (1) For the purposes for which the bonds were authorized
to be issued, in the following order: a. To repay the General Fund Rainy Day Account for the
$161,565,874 transferred to the State General Fund in fiscal year 2010 pursuant to Amendment
803 to the Constitution of Alabama of 1901. b. To repay a total of $238,434,126 to the Alabama
Trust Fund for amounts transferred to the State General Fund in fiscal years 2013, 2014, and
2015 pursuant to Section 4 of Amendment 856 to the Constitution of Alabama of 1901. c. To
provide one hundred twenty million dollars ($120,000,000) to the Alabama Medicaid Agency to
be distributed fifteen million dollars ($15,000,000) in fiscal year 2017 and one hundred five
million dollars ($105,000,000) in fiscal year 2018. The Alabama...
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11-81-173
Section 11-81-173 Issuance of additional bonds; payment of same. (a) Any borrower acquiring,
improving, enlarging, extending or repairing any such system or combined system pursuant to
the provisions of this article, may, in the event that the proceeds of any issue of revenue
bonds by error of calculation or otherwise shall be less than the amount required for the
purpose or purposes for which the same shall be authorized, issue additional bonds under the
provisions of this article to provide the amount of such deficit or, in the event that later
extensions and permanent improvements to such system or combined system appear to be desirable,
issue from time to time additional bonds under the provisions of this article to provide funds
for such purposes. (b) If such additional bonds are issued for the purpose of providing funds
necessary to supply any such deficit, they shall, unless otherwise provided in the ordinance
authorizing the original issue of bonds or in any trust indenture...
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11-81-21
Section 11-81-21 Investment of funds obligation in which sinking funds may be invested. Any
municipal funds or county funds not presently needed for other purposes may be invested in
any obligations in which sinking funds are now authorized to be invested, pursuant to Section
11-81-19, and in addition in any of the following: (1) Direct obligations of (including obligations
issued or held in book entry form on the books of) the Department of the Treasury of the United
States of America; (2) Obligations of any of the following federal agencies, which obligations
represent the full faith and credit of the United States of America: a. Farmers Home Administration.
b. General Services Administration. c. U. S. Maritime Administration. d. Small Business Administration.
e. Government National Mortgage Association (GNMA). f. U. S. Department of Housing and Urban
Development (HUD). g. Federal Housing Administration (FHA). (3) U. S. dollar denominated deposit
accounts and certificates of deposit...
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41-10-751
Section 41-10-751 Definitions. When used in this article, the following terms shall have the
following meanings, unless the context clearly indicates otherwise: (1) ALABAMA TRUST FUND.
The trust fund of the state created under Amendment 450 to the Constitution of Alabama of
1901, and appearing as ยง219.02 of the Official Recompilation of the Constitution of Alabama
1901, as amended. (2) APPROPRIATED FUNDS. The BP settlement revenues deposited in the special
fund to the extent such revenues are appropriated to the authority pursuant to Section 41-10-759.
(3) AUTHORITY. The Alabama Economic Settlement Authority authorized to be established pursuant
to Section 41-10-752. (4) BONDS. Those bonds, including refunding bonds, issued pursuant to
this article. (5) BP SETTLEMENT REVENUES. Revenues received by the state in settlement of
economic damages claims of the state against BP Exploration and Production, Inc. and any of
its corporate affiliates arising out of the Deepwater Horizon oil spill...
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