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AL SB521
Bill
Status
4/17/2012
Primary Sponsor
Gerald Dial
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AI Summary
SB521 Summary
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Proposes a constitutional amendment to repeal Amendment 803 (Section 260.02) regarding the Education Trust Fund Rainy Day Account within the Alabama Trust Fund.
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Eliminates the Education Trust Fund Rainy Day Account and the General Fund Rainy Day Account that were created to prevent budget proration during revenue shortfalls.
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Specifies that any amounts previously withdrawn from the Education Trust Fund Rainy Day Account prior to the amendment's ratification shall not be replenished.
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Requires a statewide election where voters must approve the amendment by majority vote before it becomes effective.
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Election officials must place the amendment on the ballot with the designation "Yes ( ) No ( )" for voter approval.
Legislative Description
Education Trust Fund, Rainy Day Account within Alabama Trust Fund, repealed, prior withdrawals not replenished, Amendment 803 (Section 260.02, Recompiled Constitution of Alabama of 1901, as amended), repealed
Education
Last Action
Read for the first time and referred to the Senate committee on Finance and Taxation General Fund
4/17/2012