HB490 Alabama 2015 Session

Summary

Primary Sponsor

Steve ClouseRepresentative

Republican

Session

Regular Session 2015

Title

People's Trust Act, repayment schedule revised, Sec. 29-10-1 am'd.

Summary

This bill extends the repayment deadline for funds borrowed from the Alabama Trust Fund under The People's Trust Act to 2027 and sets a fixed annual repayment schedule.

What This Bill Does

If passed, it changes the law to require all borrowed funds be repaid to the Alabama Trust Fund by September 30, 2027. It keeps a specific yearly minimum repayment schedule from 2014 through 2027, with a final amount of $437,390,829 due by 2027. It also requires the Legislative Fiscal Office to report the total repaid each year, and if the state does not appropriation enough money to meet the schedule, the General Fund will provide the shortfall so the target is still reached.

Who It Affects

• Alabama Trust Fund — will be repaid by the State General Fund on a fixed schedule, with payments continuing through September 30, 2027.
• State General Fund / state budget — must provide annual funding to meet the repayment schedule; may receive mandatory appropriations from the General Fund if shortfalls occur, to ensure the targets are met.

Key Provisions

• Amends Section 29-10-1 to extend the repayment deadline for funds transferred from the Alabama Trust Fund to the State General Fund to not later than September 30, 2027.
• Establishes a minimum cumulative repayment schedule with specific yearly targets from 2014 through 2027, culminating in $437,390,829 due by September 30, 2027.
• Requires the Legislative Fiscal Office to report, by the fifth legislative day of each regular session, the total cumulative amount repaid as of the end of the prior fiscal year.
• If annual appropriations fall short of the required amount, a General Fund appropriation will be made to cover the difference, and such funding must be absolute (not prorated).
• The act becomes effective immediately upon passage.

AI-generated summary using openai/gpt-5-nano on Feb 24, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Alabama Trust Fund