109738-1:g:03/24/2009:JRC/aw LRS2009-1865
| SYNOPSIS: | Currently, there is a substantial shortfall in the available funds for the Alabama Prepaid Affordable College Tuition Program. |
| This bill would increase funding temporarily for the program by making an appropriation from the surplus funds in the Unclaimed Property Reserve Fund and an appropriation from the Alabama Capital Improvement Trust Fund |
To increase funding temporarily for the Alabama Prepaid Affordable College Tuition Program by making an appropriation from the surplus funds in the Unclaimed Property Reserve Fund by amending Section 35-12-81, Code of Alabama 1975, and making an appropriation from the Alabama Capital Improvement Trust Fund.
BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:
Section 1. Section 35-12-81, Code of Alabama 1975, is amended to read as follows:§35-12-81.
"(a) The Treasurer shall promptly deposit in the Unclaimed Property Reserve Fund, created within the Treasury, all funds received under this article, including but not limited to, the proceeds from the sale of abandoned property under Section 35-12-80, from which the Treasurer shall pay claims duly allowed and shall transfer funds to the Unclaimed Property Administrative Fund. The Treasurer shall record the name and last known address of each person appearing from the holder's reports to be entitled to the property, and the name and last known address of each insured person or annuitant and beneficiary and with respect to each policy or annuity listed in the report of an insurance company, its number, the name of the company, and the amount due.
"(b) All costs and expenses of administering the program under this article shall be paid from the Unclaimed Property Administrative Fund, created within the Treasury. On a quarterly basis, the Treasurer shall transfer from the Unclaimed Property Reserve Fund to the Unclaimed Property Administrative Fund an amount sufficient to meet all administrative costs and expenses of the program.
"(c) For the first five fiscal years following the date of this amendatory act, on a quarterly basis, the Treasurer shall deposit into the Alabama Prepaid Affordable College Tuition Fund, established pursuant to Chapter 33C, Title 16, any surplus monies remaining in the Unclaimed Property Reserve Fund after the requirements of this section have been met and, thereafter, on On a quarterly basis, the Treasurer shall deposit in the State General Fund any surplus monies remaining in the Unclaimed Property Reserve Fund, after the requirements of this section have been met."
Section 2. (a) There is appropriated from the Alabama Capital Improvement Trust Fund to the Alabama Prepaid Affordable College Tuition Program, established pursuant to Chapter 33C, Title 16, the sum of five million dollars ($5,000,000) for the fiscal year ending September 30, 2009, and each fiscal year thereafter for the four fiscal years following the effective date of this act to be used for the Alabama Prepaid Affordable College Tuition Program.
(b) Pursuant to Section VII of Amendment 666 to the Constitution of Alabama of 1901, the Legislature finds that it is advisable and necessary to make this appropriation to the Alabama Prepaid Affordable College Tuition Program, established pursuant to Chapter 33C, Title 16, Code of Alabama 1975, in excess of any amount contained in the Governor's certification of the amount of funds needed for the Alabama Prepaid Affordable College Tuition Program.
Section 3. This act shall become effective immediately following its passage and approval by the Governor, or its otherwise becoming law.