SB5 Alabama 2015 1st Special Session

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 Capital 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 further for the use of revenues from the Education Trust Fund Budget Stabilization Fund and the Education Trust Fund Capital and Technology Fund; to delete certain obsolete provisions concerning PSCA debt service; and to prohibit appropriations from holding or clearing accounts.