AL SB188

Allocates state payments from the Deepwater Horizon Oil Spill Disaster Settlement (April 20, 2010) to repay three categories of state debt: the Alabama Trust Fund State General Fund Rainy Day Account (unpaid amounts from fiscal year 2010 transfers and future amounts under Amendment 803), the Alabama Trust Fund (unpaid amounts from fiscal years 2013-2015 transfers under Amendment 856), and Centers for Medicare and Medicaid Services (outstanding state payments).

Authorizes the Director of Finance to establish a payment schedule for the three debt categories, prioritizing based on total funds received, immediacy of repayments, and amounts owed.

Directs the Director of Finance to deposit any remaining funds after debt repayment into a designated trust fund, or if no such fund exists, into the State General Fund.

Permits the Director of Finance to include a payment to the State General Fund in the payment schedule if determined to be needed and practicable.

Takes effect immediately upon passage and approval by the Governor.