SB5 Alabama 2015 1st Special Session

Updated Jul 24, 2021

Senate Bill

In Committee

Current Status

First Special Session 2015

Session

1

Sponsor

Summary

Primary Sponsor: Trip Pittman
Republican
Session: First Special Session 2015
Title: Education Trust Fund, Rolling Reserve, to provide further for appropriation cap; ETF Budget Stabilization Fund authorizes further uses of revenues, including payments to the PACT Fund; to prohibit appropriations from holding or clearing accounts; Secs. 29-9-3, 29-9-4, 29-9-5, 29-9-6 am'd.
Description: This bill amends the Education Trust Fund Rolling Reserve Act of 2011 to provide further for the determination of the annual appropriation cap, for the disposition of revenues received in excess of the cap, for the appropriation of funds in the Education Trust Fund Capital and Technology Fund, and for the temporary transfer of funds from the Education Trust Fund Budget Stabilization Fund.
This bill amends the Wallace-Folsom College Savings Investment Plan Act to delete certain obsolete provisions concerning PSCA debt service. This bill further clarifies the fiscal status of holding or clearing accounts created as an administrative convenience to implement the statutory and/or constitutional distribution of earmarked tax revenues so as to prohibit the appropriation of such funds.
Subjects: Education Trust Fund

Pending third reading on day 3 Favorable from Finance and Taxation Education with 1 amendment

Finance and Taxation Education first Amendment Offered

Reported from Finance and Taxation Education as Favorable with 1 amendment

Read for the first time and referred to the Senate committee on Finance and Taxation Education