SB505 Summary

• Proposes a constitutional amendment to transfer all sixteenth section and school lands located in Cullman County from state control to the Cullman County Board of Education.

• Authorizes the Cullman County Board of Education to manage, sell, lease, and control the lands and any timber, minerals, or other natural resources on the property.

• Directs that 90% of proceeds from land sales be deposited into a trust account in Cullman County and 10% into the Board of Education General Fund.

• Requires annual distribution of interest earned on deposited funds to Cullman County and Cullman City school systems based on student enrollment, with distributions recalculated every five years.

• Provides that proceeds from timber, mineral, or resource sales and land leases be paid directly to the Cullman County Board of Education General Fund.