HB582 Alabama 2012 Session

Summary

Primary Sponsor

Jay Love

Republican

Co-Sponsor

Greg Wren

Session

Regular Session 2012

Title

Education, quarterly interest on bonds, Public School and College Authority report to Joint Fiscal Committee, Legislative Fiscal Office, Ways and Means - Education Fund Committee Chair, Finance and Taxation - Education Fund Committee Chair, Sec. 16-16-18 added

Summary

The bill requires the Public School and College Authority to report quarterly on the interest earned from bond proceeds to specified legislative committees and offices.

What This Bill Does

HB582 adds a new reporting requirement that did not exist before. Beginning the first quarter after the act becomes law, the Public School and College Authority must report the interest earned on all bond proceeds each quarter to the Joint Fiscal Committee, the Legislative Fiscal Office, and the chairs of the House Ways and Means-Education Fund Committee and the Senate Finance and Taxation-Education Fund Committee. This increases transparency about how bond proceeds earn interest.

Who It Affects

• Public School and College Authority (PSCA) - must report quarterly the interest earned on all bond proceeds.
• Legislative oversight bodies (Joint Fiscal Committee, Legislative Fiscal Office, and the chairs of the House Ways and Means-Education Fund Committee and Senate Finance and Taxation-Education Fund Committee) - will receive and review the quarterly interest reports.

Key Provisions

• Adds Section 16-16-18 to require the PSCA to report quarterly the interest earned on all bond proceeds to specified legislative bodies.
• Specifies that reporting begins the first quarter after the act's effective date and that the act becomes law immediately after governor approval or otherwise becoming law.

AI-generated summary using openai/gpt-5-nano on Feb 24, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Education