HB93 Summary

• Amends Section 45-27-246.30 of the Code of Alabama 1975 to modify the Escambia County Oil and Gas Severance Trust established with $4,000,000 from fiscal year 1983-84 oil and gas severance tax revenues plus 20 percent of annual income.

• Authorizes trustees to invest trust funds in certificates of deposit from federally or state-chartered banks and savings and loan associations located in Alabama, provided funds are fully secured by eligible SAFE program securities or fully insured by the Federal Deposit Insurance Corporation (FDIC).

• Requires distribution of up to 80 percent of investment income quarterly, semi-annually, or annually to Escambia County's General Fund, beginning with fiscal year 1984-85.

• Eliminates the automatic 20-year termination provision, allowing the trust to continue indefinitely unless terminated by majority vote of county qualified electors at a special election.

• Became effective immediately upon passage and Governor approval on March 8, 2016.