Under existing law, the Foundation for Local Schools was created by legislative act as a public corporation to accept and invest private donations for the enhancement of public K-12 schools.
Also, existing law requires, upon dissolution of the foundation, for monies in the accounts of various school systems to be disbursed to local school systems and monies remaining in various participating trusts to be returned in whole to the treasurer of each applicable trust fund.
This bill would dissolve the foundation and provide for the disbursement of the funds held in the accounts of the foundation.
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