HB360 Summary

• Proposes a constitutional amendment known as the Alabama Strategic Investment Initiative to direct the distribution of Deepwater Horizon Oil Spill Settlement proceeds received by the state.

• Requires repayment of $161,565,874 to the General Fund Rainy Day Account that was transferred in fiscal year 2010, with remaining settlement funds (up to $439,000,000) allocated to Baldwin County and Mobile County transportation projects and a $50,000,000 Strengthen Alabama Homes Fund for residential property retrofitting grants.

• Directs any remaining funds after these expenditures to repay the Alabama Trust Fund for amounts transferred to the General Fund in fiscal years 2013, 2014, and 2015.

• Requires the Legislature to enact legislation creating an authority to issue revenue bonds using the Deepwater Horizon Oil Spill Settlement as the debt service source, with bonds being obligations of the authority only, not the state.

• Amendment becomes effective upon voter approval at the next statewide primary election and is self-executing, with the Legislature authorized to enact supplemental implementation legislation.