SB580 Alabama 2012 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2012
Title
Education Trust Fund (ETF), transfer of certain funds to State General Fund and to provide for repayment to the ETF, Sec. 29-9-2, 29-9-3 am'd
Description
<p class="bill_description"> This bill would establish an in lieu of
payment based on amounts exceeding amounts
appropriated from the Education Trust Fund pursuant
to Act 2007-361, 2007 Regular Session, which would
otherwise be required for repayment of the
Education Trust Fund Rainy Day Account. The in lieu
of payment would be used for the benefit of the
State General Fund</p><p class="bill_entitled_an_act"> To amend Sections 29-9-2 and 29-9-3 of the Code of
Alabama 1975, relating to the fiscal year appropriation cap
for the Education Trust Fund rolling reserve; to provide for
an alternative schedule of payments to the Education Trust
Fund Rainy Day Account, by allowing for an in lieu of payment
to be made to the State General Fund; to provide for the
restoration to the Education Trust Fund of an amount up to and
including the appropriation level as appropriated under Act
2007-361, 2007 Regular Session; and to add Section 29-9-4.1 to
the Code of Alabama 1975, relating to the Education Trust Fund
and the State General Fund, to provide that revenues in excess
of the fiscal year appropriation cap for the Education Trust
Fund rolling reserve may be transferred to the State General
Fund and to provide a source for repayment to the Education
Trust Fund.
</p>
Subjects
Education Trust Fund
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| May 2, 2012 | Read for the first time and referred to the Senate committee on Finance and Taxation Education |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB580 Alabama 2012 Session - Introduced |