AMENDMENT 536 RATIFIED
Distribution of Oil and Gas Revenues by Escambia County Commission.
The Escambia County commission shall distribute oil and gas revenues as provided in this amendment.
1. The Escambia County Oil and Gas Severance Trust, established by Act No. 84-576, H. 664 of the 1984 Regular Session (Acts 1984, p. 1198), its corpus and income shall be continued as provided by Sections 1 and 2 of that act.
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.