(a) Short title. This section shall be known as The Education Trust Fund Proration Prevention Act of 1988.
(b) Establishment of Proration Prevention Account. There is hereby created and shall be a distinct and separate fund established within the State Treasury, to be known as the Education Trust Fund Proration Prevention Account, to which monies shall be deposited as provided herein for the purpose of preventing proration of funds which have been appropriated by the Legislature from the Education Trust Fund. Monies which accrue in the Education Trust Fund Proration Prevention Account shall not be subject to appropriation except as provided in this section.
(c) Appropriations. The following monies are hereby appropriated to the Education Trust Fund Proration Prevention Account:
Beginning on October 1, 2008, and on October 1 of each fiscal year thereafter, there is hereby appropriated into the Education Trust Fund Proration Prevention Account, established in subsection (b), 75 percent of the ending balance in the Education Trust Fund from the preceding fiscal year that was unanticipated and unappropriated by the Legislature as a beginning balance in the current fiscal year. The Legislature shall set forth the amount of the beginning balance anticipated and appropriated in the Education Trust Fund appropriation act each year beginning in the Education Trust Fund appropriation act for the fiscal year beginning October 1, 1999. The Finance Director shall transfer 75 percent of the unanticipated and unappropriated beginning balance by October 15 of each year.
(d) Withdrawals. Money in the Education Trust Fund Proration Prevention Account may be withdrawn only:
(1) To prevent proration in the Education Trust Fund. The Governor of the State of Alabama must certify to the state Comptroller and notify the Legislature that proration would occur in the Education Trust Fund before funds could be withdrawn. Upon said certification by the Governor, withdrawals may be executed under the direction of the Governor; however, withdrawals must be limited to the amount of the anticipated proration and funds allotted only to the extent necessary to avoid proration of appropriations in the Education Trust Fund, or
(2) By an act of the Legislature with a recorded vote of at least two-thirds of the membership of each legislative chamber.
(e) Repayment. Monies withdrawn under the provisions of subsection (d) shall be repaid as provided by the Legislature, at its discretion. Repayment of funds may be suspended during those fiscal years in which the Education Trust Fund is actually prorated. Repayment of monies withdrawn from said account shall not be required during a fiscal year in which said repayment will cause proration.
(f) Interest. Any monetary interest which accrues in the Proration Prevention Account shall be retained in said account from year to year and shall be subject only to the provisions of this section.
(g) Reversion to trust fund. Any amount of money in the Proration Prevention Account which is in excess of 10 percent of the preceding year's Education Trust Fund appropriations act shall revert back to the Education Trust Fund for the support and maintenance of public education.
(Acts 1988, 2nd Ex. Sess., No. 88-981, p. 703, §§1-7; Act 99-514, p. 1135, §1; Act 2008-544, p. 1184, §1.)
(a) Short title. This section shall be known as The Education Trust Fund Proration Prevention Act of 1988.
(b) Establishment of Proration Prevention Account. There is hereby created and shall be a distinct and separate fund established within the State Treasury, to be known as the Education Trust Fund Proration Prevention Account, to which monies shall be deposited as provided herein for the purpose of preventing proration of funds which have been appropriated by the Legislature from the Education Trust Fund. Monies which accrue in the Education Trust Fund Proration Prevention Account shall not be subject to appropriation except as provided in this section.
(c) Appropriations. The following monies are hereby appropriated to the Education Trust Fund Proration Prevention Account:
Beginning on October 1, 2008, and on October 1 of each fiscal year thereafter, there is hereby appropriated into the Education Trust Fund Proration Prevention Account, established in subsection (b), 75 percent of the ending balance in the Education Trust Fund from the preceding fiscal year that was unanticipated and unappropriated by the Legislature as a beginning balance in the current fiscal year. The Legislature shall set forth the amount of the beginning balance anticipated and appropriated in the Education Trust Fund appropriation act each year beginning in the Education Trust Fund appropriation act for the fiscal year beginning October 1, 1999. The Finance Director shall transfer 75 percent of the unanticipated and unappropriated beginning balance by October 15 of each year.
(d) Withdrawals. Money in the Education Trust Fund Proration Prevention Account may be withdrawn only:
(1) To prevent proration in the Education Trust Fund. The Governor of the State of Alabama must certify to the state Comptroller and notify the Legislature that proration would occur in the Education Trust Fund before funds could be withdrawn. Upon said certification by the Governor, withdrawals may be executed under the direction of the Governor; however, withdrawals must be limited to the amount of the anticipated proration and funds allotted only to the extent necessary to avoid proration of appropriations in the Education Trust Fund, or
(2) By an act of the Legislature with a recorded vote of at least two-thirds of the membership of each legislative chamber.
(e) Repayment. Monies withdrawn under the provisions of subsection (d) shall be repaid as provided by the Legislature, at its discretion. Repayment of funds may be suspended during those fiscal years in which the Education Trust Fund is actually prorated. Repayment of monies withdrawn from said account shall not be required during a fiscal year in which said repayment will cause proration.
(f) Interest. Any monetary interest which accrues in the Proration Prevention Account shall be retained in said account from year to year and shall be subject only to the provisions of this section.
(g) Reversion to trust fund. Any amount of money in the Proration Prevention Account which is in excess of 10 percent of the preceding year's Education Trust Fund appropriations act shall revert back to the Education Trust Fund for the support and maintenance of public education.
(Acts 1988, 2nd Ex. Sess., No. 88-981, p. 703, §§1-7; Act 99-514, p. 1135, §1; Act 2008-544, p. 1184, §1.)
(a) Short title. This section shall be known as The Education Trust Fund Proration Prevention Act of 1988.
(b) Establishment of Proration Prevention Account. There is hereby created and shall be a distinct and separate fund established within the State Treasury, to be known as the Education Trust Fund Proration Prevention Account, to which monies shall be deposited as provided herein for the purpose of preventing proration of funds which have been appropriated by the Legislature from the Education Trust Fund. Monies which accrue in the Education Trust Fund Proration Prevention Account shall not be subject to appropriation except as provided in this section.
(c) Appropriations. The following monies are hereby appropriated to the Education Trust Fund Proration Prevention Account:
Beginning on October 1, 2008, and on October 1 of each fiscal year thereafter, there is hereby appropriated into the Education Trust Fund Proration Prevention Account, established in subsection (b), 75 percent of the ending balance in the Education Trust Fund from the preceding fiscal year that was unanticipated and unappropriated by the Legislature as a beginning balance in the current fiscal year. The Legislature shall set forth the amount of the beginning balance anticipated and appropriated in the Education Trust Fund appropriation act each year beginning in the Education Trust Fund appropriation act for the fiscal year beginning October 1, 1999. The Finance Director shall transfer 75 percent of the unanticipated and unappropriated beginning balance by October 15 of each year.
(d) Withdrawals. Money in the Education Trust Fund Proration Prevention Account may be withdrawn only:
(1) To prevent proration in the Education Trust Fund. The Governor of the State of Alabama must certify to the state Comptroller and notify the Legislature that proration would occur in the Education Trust Fund before funds could be withdrawn. Upon said certification by the Governor, withdrawals may be executed under the direction of the Governor; however, withdrawals must be limited to the amount of the anticipated proration and funds allotted only to the extent necessary to avoid proration of appropriations in the Education Trust Fund, or
(2) By an act of the Legislature with a recorded vote of at least two-thirds of the membership of each legislative chamber.
(e) Repayment. Monies withdrawn under the provisions of subsection (d) shall be repaid as provided by the Legislature, at its discretion. Repayment of funds may be suspended during those fiscal years in which the Education Trust Fund is actually prorated. Repayment of monies withdrawn from said account shall not be required during a fiscal year in which said repayment will cause proration.
(f) Interest. Any monetary interest which accrues in the Proration Prevention Account shall be retained in said account from year to year and shall be subject only to the provisions of this section.
(g) Reversion to trust fund. Any amount of money in the Proration Prevention Account which is in excess of 10 percent of the preceding year's Education Trust Fund appropriations act shall revert back to the Education Trust Fund for the support and maintenance of public education.
(Acts 1988, 2nd Ex. Sess., No. 88-981, p. 703, §§1-7; Act 99-514, p. 1135, §1; Act 2008-544, p. 1184, §1.)
