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AL HB315
Bill
Status
1/21/2014
Primary Sponsor
Roderick Scott
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AI Summary
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Repeals Act 2011-3 (HB57), the Education Trust Fund Rolling Reserve Act that limited annual appropriations from the Education Trust Fund.
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Reenacts Section 40-1-32.1 to establish the Education Trust Fund Proration Prevention Account, a separate fund within the State Treasury designed to prevent proration of appropriated education funds.
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Requires automatic annual transfers of 75 percent of unanticipated and unappropriated ending balances from the Education Trust Fund to the Proration Prevention Account, beginning October 1, 2008.
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Permits withdrawals from the Proration Prevention Account only to prevent Education Trust Fund proration (upon Governor certification) or by legislative act requiring a two-thirds recorded vote in both chambers.
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Limits the Proration Prevention Account balance to 10 percent of the preceding year's Education Trust Fund appropriations, with excess amounts reverting back to the Education Trust Fund for public education support.
Legislative Description
Education Trust Funds, repeal Education Trust Fund Rolling Reserve Act, reenact Education Trust Fund Proration Account, Sec. 40-1-32.1 reenacted; Act 2011-3, 2011 Reg. Sess., repealed
Education Trust Fund
Last Action
Read for the first time and referred to the House of Representatives committee on Ways and Means Education
1/21/2014