SB238 Alabama 2010 Session

Summary

Primary Sponsor

Hank Sanders

Democrat

Session

Regular Session 2010

Title

Education Appropriations Act for fiscal year ending September 30, 2010, debt service on certain bonds, funding from Capital Improvement Trust Fund reduced, funding from Education Trust Fund increased, supplemental appropriation for debt service on certain Public School and College Authority bonds, Act 2009-339, 2009 Reg. Sess. am'd.

Summary

The bill shifts funding for the debt service on GO Bonds 2005-A from the Capital Improvement Trust Fund to the Education Trust Fund.

What This Bill Does

It amends the FY2010 Education Appropriation Bill to reallocate the debt service funding for General Obligation Bonds 2005-A from the Capital Improvement Trust Fund to the Education Trust Fund. The remaining debt service for other GO Bonds and related endowment payments stay within the Education Trust Fund as described in the amended appropriation. It also authorizes use of the APSCA 2009-D Fees and Expense Fund to cover bond-related costs and allows swaptions payments to be handled the same way as other debt service.

Who It Affects

• Education Trust Fund and Capital Improvement Trust Fund: the source of funds for GO Bonds 2005-A debt service is moved from CITF to ETF.
• Public School and College Authority and bond-related creditors/swaptions: payments for debt service and related expenses (including swaptions) will be funded and paid under the revised appropriation, as directed by the Director of Finance.

Key Provisions

• Moves the debt service funding for General Obligation Bonds, 2005-A, from the Capital Improvement Trust Fund to the Education Trust Fund.
• Maintains existing ETF funding for other debt service payments and related endowment payments as outlined in the amended appropriation.
• Authorizes additional appropriations from the APSCA 2009-D Fiscal Fees and Expense Fund as deemed necessary by the Director of Finance to cover bond-related costs.
• Allows payments for Public School and College Authority swaptions to be made in the same manner as other debt service payments.

AI-generated summary using openai/gpt-5-nano on Feb 25, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Appropriations--Education Appropriations Act