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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal

Ala. House passes bill to replenish Alabama Trust Fund

Posted on 08 February 2013

The Alabama House of Representatives took the first official steps Thursday to pay back $437 million that it withdrew from the Alabama Trust Fund to balance funding for agencies like Medicaid and the Department of Corrections. “We promised it would be the first bill passed and we did that today” Rep. Jay Love (R – Montgomery) said. Love sponsored the legislation.
Voters approved tapping the Alabama Trust Fund during a special election in September 18, 2012. House and Senate Republicans crafted the proposed constitutional amendment in the waning hours of the 2012 Regular Session earlier in the year. They neglected to add a pay-back provision………………………………………..Full Article: Source


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