To propose an amendment to the Constitution of Alabama of 1901, to make appropriations for the next five years from the Alabama Trust Fund to the Alabama Prepaid Affordable College Tuition Program.
BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:
Section 1. The following amendment to the Constitution of Alabama of 1901, as amended, is proposed and shall become valid as a part thereof when approved by a majority of the qualified electors voting thereon and in accordance with Sections 284, 285, and 287 of the Constitution of Alabama of 1901, as amended:PROPOSED AMENDMENT
Beginning October 1 of the fiscal year immediately following ratification of this amendment, in addition to all other appropriations heretofore or hereafter made, there is appropriated from the Alabama Trust Fund established pursuant to Amendment No. 450 to the Constitution of Alabama of 1901, now appearing as Section 219.02 of the Official Recompilation of the Constitution of 1901, as amended, to the Alabama Prepaid AffordableCollege Tuition Program as follows:
(1) For the first fiscal year immediately following ratification of this amendment, the sum of fifty million dollars ($50,000,000).
(2) For each of the subsequent four fiscal years, the sum of twenty-five million dollars ($25,000,000).
When the above appropriations have been made, the provisions of this amendment shall terminate and have no further effect.
of the Constitution of 1901, as amended, the following amounts:
(1) For the first fiscal year immediately following ratification of this amendment, the sum of fifty million dollars ($50,000,000) to the Alabama Prepaid Affordable College Tuition Program and the sum of twelve million five hundred thousand dollars ($12,500,000) to the County and Municipal Government Capital Improvement Trust Fund.
(2) For each of the subsequent four fiscal years, the sum of twenty-five million dollars ($25,000,000) to the Alabama Prepaid Affordable College Tuition Program and the sum of six million two hundred fifty thousand dollars ($6,250,000) to the County and Municipal Government Capital Improvement Trust Fund.
The amounts appropriated to the Program pursuant to this amendment shall only be used to fund PACT contracts entered into on or before December 31, 1995.
The Prepaid Affordable College Tuition Program shall repay the amounts appropriated to the Program in this amendment within five years following the fiscal year in which each appropriation is made to the Program. Earnings from the investment of amounts repaid pursuant to this amendment shall be deposited into the State General Fund.
The Comptroller shall make the allocation of funds and shall make the distribution and payments provided for in this amendment.
Section 2. An election upon the proposed amendment shall be held on the date of the primary election held in June 2010, and shall be held in accordance with Sections 284 and 285 of the Constitution of Alabama of 1901, now appearing as Sections 284 and 285 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, and the election laws of this state.
Section 3. The appropriate election official shall assign a ballot number for the proposed constitutional amendment on the election ballot and shall set forth the following description of the substance or subject matter of the proposed constitutional amendment:
"Proposing an amendment to the Constitution of Alabama of 1901, to make appropriations from the Alabama Trust Fund to the Alabama Prepaid Affordable College Tuition Program and to the County and Municipal Government Capital Improvement Trust Fund.
"Proposed by Act ________."
This description shall be followed by the following language:
"Yes ( ) No ( )."