Under Amendment 856 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 enact The People's Trust Act, which would require the Legislature to repay all amounts transferred from the Alabama Trust Fund under Amendment 856 by not later than September 30, 2026, and would provide for the minimum cumulative amounts that must be repaid at the end of each fiscal year between the fiscal year ending September 30, 2014, and the fiscal year ending September 30, 2026.
Source: Alabama Legislature