SB13 Alabama 2015 1st Special Session
Summary
- Primary Sponsor
-
Gerald H. Allen SenatorRepublican - Session
- First Special Session 2015
- Title
- Legacy Trust Fund, created, board of trustees, settlement proceeds, assets repay Alabama Trust Fund Rainy Day Account, assets held in trust, interest paid to General Fund, Alabama Capital Improvement Trust Fund, and to Legacy Trust Fund, creation of authority to issue bonds using Deepwater Horizon Oil Spill Disaster Settlement required, const. amend.
- Description
This bill would propose an amendment to the Constitution of Alabama of 1901, to create the Alabama Legacy Trust Fund.
The proposed amendment would require the Alabama Trust Fund Board of Trustees to administer the fund.
The proposed amendment provides for the distribution of certain payments received by the state from settlements and other monies.
The proposed amendment also provides that trust capital be held in perpetual trust and provides for the distribution of trust income.
The proposed amendment would require the Legislature to enact legislation creating an authority to issue revenue bonds using any Deepwater Horizon Oil Spill Disaster Settlement to fund the bond payments.
- Subjects
- Constitutional Amendments
Bill Actions
Read for the first time and referred to the Senate committee on Finance and Taxation General Fund
Bill Text
Documents
Source: Alabama Legislature