2. The members of the Escambia County commission, or their successors in office, shall constitute the trustees of the trust. Provided, however, the members of the Escambia County commission, or their successors in office, may in their discretion, appoint one or more trustees or escrow agents for the trust which trustees or escrow agents shall be trust companies or national or state banks having powers of a trust company within or without the State of Alabama. The trustees shall invest the corpus of the trust only in direct general obligations of, or obligations the payment of the principal of and interest on which are conditionally and irrevocably guaranteed by the United States of America. Provided, however, that, notwithstanding any legal limitation that might otherwise be applicable, the trustees shall further have the authority in their discretion to invest such trust fund in certificates of deposit of any savings and loan associations or banks whether federally or state chartered whose principal office is located in the state, provided that such funds so invested are fully secured by pledge of eligible United States treasury securities.
3. Commencing with the 1984–1985 fiscal year, up to eighty percent (80%) of the net income from the investments authorized in Section A2 of this amendment shall be distributed quarterly, semiannually or annually, as designated by the trustees, to the general fund of the county.
4. The provisions of A1, A2, and A3 of this amendment shall not terminate at the end of twenty years, unless a majority of the qualified electors of the county vote to terminate the provisions by a constitutional amendment duly proposed by the Alabama legislature.
Each public board of education now in existence or hereafter created in Escambia County shall receive a pro rata share of said monies based upon the relation its average enrollment in its schools during the preceding school year bears to the average enrollment of all public schools in Escambia County.
(2) Up to $500,000.00 of the principal shall be deposited in the county general fund; and
(3) The remaining principal shall be deposited as principal into the “Escambia County oil and gas severance trust” as established in Act No. 84–576, H. 664, 1984 Regular Session (Acts 1984, p. 1198), as amended. The earned interest that is generated by this transfer of principal shall be expended according to the provisions of the said Act No. 84–576, as amended, and by Sections A1, A2 and A3 of this amendment.
The provisions of this subsection shall become effective immediately upon the first receipt of funds by Escambia County pursuant to Act No. 79–434, H. 148 of the 1979 Regular Session (Acts 1979, p. 687), as amended.
3. An amount equal to ten percent of the total of all net funds received by Escambia County after the effective date of this act, and distribution of funds as provided in Section B1 hereof, from a severance tax or privilege tax on oil and gas under any general law, including Sections 40–20–1 through 40–20–13, Code of Alabama 1975, as amended, or any local law whatsoever, or not otherwise herein allocated, distributed or designated, shall be deposited in the Escambia County general fund.
The provisions of this subsection B3 become effective immediately upon the first receipt of funds by Escambia County pursuant to Act No. 79–434, H. 148, 1979 Regular Session (Acts 1979, p. 687), as amended.
