HB29 Alabama 2015 2nd Special Session

Sponsors

Session

Second Special Session 2015

Title

Education Trust Fund, Rolling Reserve, appropriation cap further provided for; additional use of revenue in the ETF Budget Stabilization Fund authorized, including payments to the PACT Fund; prohibited 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 Advancement 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.

To provide further for the calculation of the annual appropriation cap for the Education Trust Fund Rolling Reserve Act to include payments to the Prepaid Affordable College Tuition (PACT) Trust Fund; to provide for a one-time transfer to the State General Fund for the fiscal year ending September 30, 2015; to provide further for the use of revenues from the Education Trust Fund Budget Stabilization Fund and the Education Trust Fund Advancement and Technology Fund; to delete certain obsolete provisions concerning PSCA debt service; and to prohibit appropriations from holding or clearing accounts.

Subjects

Education Trust Fund