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AL SB147
Bill
AI Summary
SB147 Summary
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Proposes a constitutional amendment to establish new distribution procedures for the Alabama Trust Fund beginning fiscal year 2012-2013, replacing previous trust income and capital gains distributions.
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Distributes 33% of oil and gas capital payments plus 5% of average invested assets annually: 10% each to County and Municipal Government Capital Improvement Funds, up to $15 million to Forever Wild Land Trust, up to $5 million to Alabama Senior Services Trust Fund, with remainder to State General Fund.
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Transfers $145,796,943 annually from the Alabama Trust Fund to the State General Fund for fiscal years 2012-2013 through 2014-2015.
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Creates a six-member advisory committee for County and Municipal Government Capital Improvement Trust Fund, composed of three members appointed by Alabama League of Municipalities and three by Association of County Commissions of Alabama.
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Eliminates requirement for additional transfers to County and Municipal Government Capital Improvement Trust Fund when rainy day accounts are withdrawn and removes distribution of investment income on repayments to those accounts.
Legislative Description
Alabama Trust Fund, unrealized capital gains, oil and gas capital payments received during fiscal year, excluded from the calculation, clarified, realized gains from a public exchange traded equity asset, purchased and sold in same fiscal year, calculation method established, Amendment 666 (Section 219.04, Recompiled Constitution of Alabama of 1901, as amended), am'd., const. amend.
Constitutional Amendments
Last Action
Forwarded to Secretary of State on May 16, 2012 at 12:00 a.m. on May 16, 2012
5/16/2012