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AL HB456
Bill
Status
3/8/2022
Primary Sponsor
Danny Garrett
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AI Summary
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Establishes the Education Trust Fund Debt Service Sinking Fund as a separate fund in the State Treasury to manage debt service payments on education-related bonds.
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Covers debt service obligations for eight specified bond series: General Obligation Series 2014-A, 2016-C, 2018-A, 2018-B, and Alabama Incentives Financing Authority Series 2009-A, 2009-B, and 2019-A, plus any refunding bonds issued for these series.
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Authorizes the Legislature to appropriate funds sufficient to pay the Education Trust Fund's portion of debt service until final bond maturity.
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Requires any remaining balance in the sinking fund after all obligations are paid to be transferred to the Education Trust Fund in the fiscal year following completion of the final obligations.
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Becomes effective immediately upon passage and approval by the Governor.
Legislative Description
State Treasury, Education Trust Fund Debt Service Sinking Fund, created, administration and uses, provided
Education Trust Fund
Last Action
Pending third reading on day 24 Favorable from Ways and Means Education
3/17/2022