SB267 Summary

• Proposes a constitutional amendment known as the Alabama Strategic Investment Initiative to authorize distribution and use of Deepwater Horizon Oil Spill Settlement proceeds.

• Requires repayment of $161,565,874 to the General Fund Rainy Day Account from settlement proceeds, with remaining funds (up to $439,000,000) allocated to Baldwin and Mobile Counties for transportation projects and residential property retrofitting grants.

• Authorizes the Legislature to create an authority to issue revenue bonds using Deepwater Horizon settlement funds as the debt service source, with bond obligations limited to the total settlement amount and not creating state debt.

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

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