SB30 Alabama 2015 2nd Special Session
In Committee
Bill Summary
Sponsors
Session
Second Special Session 2015
Title
Legacy Trust Fund, estab., proceeds from settlements other than Deepwater Horizon, Coastal County Trust Fund, estab. proceeds from Deepwater Horizon settlement, distrib. to Mobile and Baldwin Counties, Alabama Trust Fund board to administer use of proceeds, 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 and Coastal County Trust
Fund</p><p class="bill_description">
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
Coastal County Trust 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
Legacy Trust Fund capital be held in perpetual
trust and provides for the distribution of Legacy
Trust Fund income</p><p class="bill_entitled_an_act"> Proposing an amendment to the Constitution of
Alabama of 1901, to create the Alabama Legacy Trust Fund and
Coastal County Trust Fund; to provide for the distribution of
payments from settlements and other monies; to provide for the
holding of Legacy Trust Fund capital in perpetual trust; and
to provide for the distribution of Legacy Trust Fund 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 | SB30 Alabama 2015 2nd Special Session - Introduced |