HB314 Summary

• Proposes constitutional amendment granting all sixteenth section and school lands in Cullman County to the Cullman County Board of Education, with authority to manage, sell, lease, and control the lands and their timber, minerals, and natural resources.

• Directs proceeds from land sales to be distributed as 90% to a county trust account and 10% to the Board of Education General Fund.

• Requires annual distribution of interest earned on both accounts to Cullman County and Cullman City school systems based on student enrollment, with distributions calculated using 2010-2011 enrollment data for the first five years and recalculated every five years thereafter.

• Directs all proceeds from timber, mineral, and natural resource sales or land leases directly to the Cullman County Board of Education General Fund.

• Applies retroactively to proceeds from sales occurring before amendment ratification, which shall continue to be held in trust with revenues paid to the Board of Education.