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AL SB426

Bill

Official Source

Status

Introduced

4/11/2013

Primary Sponsor

Gerald Allen

Click for details

Origin

Senate

Regular Session 2013

AI Summary

  • Dissolves the Foundation for Local Schools, a public corporation previously authorized to accept and invest private donations for K-12 school enhancement.

  • Requires the State Superintendent of Education and Chief Executive Officer of the Teachers' Retirement System to complete the dissolution and disburse all foundation assets by September 30, 2013.

  • Directs monies held in individual school system accounts to be disbursed to those respective local school systems and remaining trust funds to be returned to applicable trust fund treasurers.

  • Repeals Chapter 26C (Sections 16-26C-1 to 16-26C-13) of Title 16, Code of Alabama 1975, which established and governed the foundation.

  • Becomes effective immediately upon passage and approval by the Governor.

Legislative Description

Foundation for Local Schools, dissolved and monies disbursed to local schools and trust accounts, Secs. 16-26C-1 to 16-26C-13 repealed

Foundation for Local Schools

Last Action

Indefinitely Postponed

5/7/2013

Committee Referrals

Education4/11/2013

Full Bill Text

No bill text available