SB395 Alabama 2012 Session

Summary

Primary Sponsor

Hank Sanders

Democrat

Session

Regular Session 2012

Title

Alabama Trust Fund, unrealized capital gains, oil and gas capital payments received during fiscal year, excluded from the calculation, clarified, realized gains from a public exchange traded equity asset, purchased and sold in same fiscal year, calculation method established, Amendment 666 (Section 219.04, Recompiled Constitution of Alabama of 1901, as amended), am'd., const. amend.

Description

This bill would propose an amendment to the Constitution of Alabama of 1901, to amend Sections IV, VIII, and IX of Amendment 666 to the Constitution of Alabama of 1901, now appearing as Sections IV, VIII, and IX of Section 219.04 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, to increase the total amount of bonding authority granted under the amendment; to provide for the payment of debt service on the bonds by increasing the annual oil and gas capital payments deposited into the Capital Improvement Trust Fund; to provide for competitive bidding on the bonds; to require the Bond Commission to contract with businesses or individuals which reflect the racial and ethnic diversity in the State; and to repeal Amendment 796 to the Constitution of Alabama of 1901, now appearing as Section 219.041 of the Official Recompilation of the Constitution of Alabama of 1901.

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Subjects

Constitutional Amendments