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AL SB580
Bill
AI Summary
SB580 Summary
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Amends sections 29-9-2 and 29-9-3 of the Alabama Code relating to the Education Trust Fund fiscal year appropriation cap and rolling reserve.
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Allows the legislature to transfer excess Education Trust Fund revenues exceeding the appropriation cap to the State General Fund as an "in lieu of payment" alternative to repayment of the Education Trust Fund Rainy Day Account.
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Requires minimum annual repayment of at least $100,000,000 to either the Education Trust Fund Rainy Day Account or as an in lieu payment to the General Fund, beginning with fiscal year ending September 30, 2013.
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Grants the Education Trust Fund first priority claim on any state litigation proceeds from the 2010 Gulf oil spill for amounts transferred to the General Fund under this act.
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Takes effect immediately upon passage and approval by the Governor.
Legislative Description
Education Trust Fund (ETF), transfer of certain funds to State General Fund and to provide for repayment to the ETF, Sec. 29-9-2, 29-9-3 am'd
Education Trust Fund
Last Action
Read for the first time and referred to the Senate committee on Finance and Taxation Education
5/2/2012