SB53 Alabama 2015 1st Special Session
Summary
- Primary Sponsor
-
Bill HightowerRepublican - Session
- First Special Session 2015
- Title
- Alabama Legacy Trust Fund and Mobile and Baldwin County Settlement Trust Fund, created, distribution of payments and income, capital held in perpetual trust, const. amend.
- Description
This bill would propose an amendment to the Constitution of Alabama of 1901, to create the Alabama Legacy Trust Fund and Mobile and Baldwin County Settlement Trust Fund.
The proposed amendment would require the Alabama Trust Fund Board of Trustees to administer the Alabama Legacy Trust Fund and gives the Legislature the authority to appropriate the Mobile and Baldwin County Settlement Trust 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 Legacy Trust Fund capital be held in perpetual trust and provides for the distribution of Legacy Trust Fund income.
- 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