By
Associated Press
.
Published: Thu, January 31, 2008 - 8:44 pm
MONTGOMERY, Ala. (AP) - The state of Alabama has a 121.5 milliondollar payment from Exxon Mobil, but it's not sure what to do with
the money.
Todd Stacy is a spokesman for Governor Bob Riley. He said the
governor's legal staff is reviewing whether all the money must go
into a state savings account for natural gas royalties, called the
Alabama Trust Fund, or whether part of it can go toward the state
General Fund budget.
The state's attorneys filed court documents today showing the
oil company had paid the state the amount a judge ruled was due
from litigation over royalties from natural gas wells drilled in
state-owned waters.
Stacy said state law is clear that the compensatory damages must
be saved in the Alabama Trust Fund. But the governor's legal staff
is looking at whether the interest goes into the trust fund or the
General Fund, where it can be spent on state operations.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
Those who Recommended this also liked:
Email to a Friend 
Printer Friendly 
They could possibly fill all the potholes in midtown. Particularly Houston Street and Catherine Street. Oh, and the midtown areas on Airport Blvd. Gosh I could name so many. Or they could fix some of the old schools around here.
So why are they having trouble figuring out what to do with it?