HB432 Summary

• Amends Alabama Code Section 37-1-80.2 to replace the private fund depository for dual party relay system revenues with a special account in the State Treasury.

• Requires the Dual Party Relay Fund Board of Trustees to transfer $30,000,000 from the existing Dual Party Relay Fund (established under Act 88-259) to the new State Dual Party Relay Fund in four installments of $7,500,000 each before October 15, 2011, January 15, 2012, April 15, 2012, and July 15, 2012.

• After July 15, 2012, requires transfer of $30,000,000 from the State Dual Party Relay Fund to the Education Trust Fund.

• Exempts surcharge collections from utility gross receipts tax, utility use tax, and supervision and inspection fees under Alabama law.

• Becomes effective immediately upon Governor's approval or upon becoming law without approval.