HB6 Alabama 2013 Session

Summary

Primary Sponsor

Jay Love

Republican

Session

Regular Session 2013

Title

Alabama Trust Fund, transfer of funds to State General Fund pursuant to const. amend., repayment required within certain timeframe, appropriation, People's Trust Act

Description

Under Amendment to the Constitution of Alabama of 1901, $145,796,943 will be transferred from the Alabama Trust Fund to the State General Fund each year over three fiscal years beginning with the fiscal year ending September 30, 2013 and concluding with the fiscal year ending September 30, 2015. The amendment does not require the transferred funds to be repaid.

This bill would require the Legislature to repay all amounts transferred from the Alabama Trust Fund within ten (10) years following the fiscal year ending September 30, 2015 and providing for an appropriation in fiscal year ending September 30, 2026 from the State General Fund of any amount not repaid.

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Subjects

Appropriations