SB580 Alabama 2012 Session

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

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.