Section 29-10-1 - Repayment schedule; reports(a) This section shall be known and may be cited as The People's Trust Act.(b)(1) Notwithstanding any other provision of law to the contrary, the Legislature shall provide for the repayment of all funds transferred from the Alabama Trust Fund to the State General Fund pursuant to Amendment 856 to the Constitution of Alabama of 1901. All funds borrowed pursuant to this amendment shall be repaid to the Alabama Trust Fund by not later than September 30, 2033.(2) The total annual amount repaid pursuant to this section shall not be less than the following amounts on the following dates:a. September 30, 2014: $5,000,000.b. September 30, 2015: $10,000,000.c. September 30, 2017: $238,434,126.d. September 30, 2020: $13,500,000.e. September 30, 2021: $13,500,000.f. September 30, 2022: $13,500,000.g. September 30, 2023: $13,500,000.h. September 30, 2024: $13,500,000.i. September 30, 2025: $13,500,000.j. September 30, 2026: $13,500,000.k. September 30, 2027: $13,500,000.l. September 30, 2028: $13,500,000.m. September 30, 2029: $13,500,000.n. September 30, 2030: $13,500,000.o. September 30, 2031: $13,500,000.p. September 30, 2032: $13,500,000.q. September 30, 2033: $8,456,703.(c) Beginning with the 2015 Regular Session and continuing every regular session thereafter until all funds are repaid, the Legislative Fiscal Office shall, by the fifth legislative day, report to the Speaker of the House of Representatives, the President Pro Tempore of the Senate, and the Chairs of the House Ways and Means and Senate Finance and Taxation - General Fund Committees the total annual and cumulative amounts repaid pursuant to this section as of the end of the then-preceding fiscal year.(d) If for any year the Legislature fails to make such appropriations as are necessary to guarantee that the total annual amount repaid to the Alabama Trust Fund pursuant to this section is equal to or greater than the amount set forth in subdivision (2) of subsection (b) for that year, then there is hereby appropriated from the General Fund such amount as is necessary to make up the difference between the total annual amount repaid and the amount set forth in subdivision (2) of subsection (b) for that year. In the event that an appropriation is required under this subsection such amount shall be absolute and shall not be reduced pursuant to proration should such be necessary in any of the years referenced in subdivision (2) of subsection (b).Ala. Code § 29-10-1 (1975)
Amended by Act 2016SP1-469,§ 21, eff. 9/8/2016.Added by Act 2013-6,§§ 1 - 3, eff. 2/20/2013.