The bill dissolves the Foundation for Local Schools, directs its assets to be disbursed to local schools and trust accounts, and repeals the related Chapter 26C of Alabama law.
Requires the State Superintendent of Education and the Chief Executive Officer of the Teachers' Retirement System to dissolve the Foundation for Local Schools and distribute its assets held in the foundation’s accounts by September 30, 2014. Repeals Chapter 26C (Sections 16-26C-1 to 16-26C-13) of Title 16, removing the Foundation for Local Schools as a regulatory entity. Goes into effect immediately after the Governor signs the bill or it otherwise becomes law.
Assigned Act No. 2014-372.
Enrolled
Signature Requested
Passed Second House
Motion to Read a Third Time and Pass adopted Roll Call 990
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the House of Representatives committee on Ways and Means Education
Motion to Read a Third Time and Pass adopted Roll Call 340
Third Reading Passed
Reported from Finance and Taxation Education as Favorable
Read for the first time and referred to the Senate committee on Finance and Taxation Education
Source: Alabama Legislature