SB426 Alabama 2013 Session

Summary

Primary Sponsor

Gerald H. AllenSenator

Republican

Co-Sponsors

Arthur OrrTrip Pittman

Session

Regular Session 2013

Title

Foundation for Local Schools, dissolved and monies disbursed to local schools and trust accounts, Secs. 16-26C-1 to 16-26C-13 repealed

Summary

This bill dissolves the Foundation for Local Schools, directs how its assets will be distributed, and repeals the chapter that created it.

What This Bill Does

The Foundation for Local Schools would be dissolved and the assets held in its accounts would be distributed. By September 30, 2013, the State Superintendent of Education and the Chief Executive Officer of the Teachers' Retirement System would take actions to dissolve the foundation and distribute its assets as directed by this act. The bill repeals Chapter 26C (Sections 16-26C-1 to 16-26C-13) of Title 16, removing the foundation’s governing law. It becomes effective immediately after the Governor signs or approves it.

Who It Affects

• Local school systems and participating trusts, whose funds held by the Foundation would be disbursed to them or otherwise allocated as directed by the act.
• State education and retirement agencies (State Superintendent of Education and the Chief Executive Officer of the Teachers' Retirement System), who must implement the dissolution and oversee the distribution of assets.

Key Provisions

• Section 1: Dissolution of the Foundation for Local Schools and disbursement of assets held in its accounts, pursuant to this act and Section 16-26C-13.
• Section 2: Repeal of Chapter 26C, consisting of Sections 16-26C-1 to 16-26C-13, Title 16, Code of Alabama 1975.
• Section 3: Effective date: immediately following passage and governor's approval (or as otherwise provided by law).

AI-generated summary using openai/gpt-5-nano on Feb 25, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Foundation for Local Schools