SB27 Alabama 2015 2nd Special Session
In Committee
Bill Summary
Sponsors
Session
Second 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
<p class="bill_description"> This bill would propose an amendment to the
Constitution of Alabama of 1901, to create the
Alabama Legacy Trust Fund</p><p class="bill_description">
The proposed amendment would require the
Alabama Trust Fund Board of Trustees to administer
the fund</p><p class="bill_description">
The proposed amendment provides for the
distribution of certain payments received by the
state from settlements and other monies</p><p class="bill_description">
The proposed amendment also provides that
trust capital be held in perpetual trust and
provides for the distribution of trust income</p><p class="bill_description">
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</p><p class="bill_entitled_an_act"> Proposing an amendment to the Constitution of
Alabama of 1901, to create the Alabama Legacy Trust Fund; to
provide for the distribution of payments from settlements and
other monies; to provide for the holding of trust capital in
perpetual trust; and to provide for the distribution of trust
income.
</p>
Subjects
Constitutional Amendments
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| September 9, 2015 | S | Read for the first time and referred to the Senate committee on Finance and Taxation General Fund |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB27 Alabama 2015 2nd Special Session - Introduced |