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	Name:	mbk -
	Subject:	Alabama Politics
	Date:	10/29/2008 1:58:08 PM

How will you vote and why?

Proposed Alabama Amendment One (1)
Proposing an amendment to the Constitution of Alabama of 1901, to repeal Amendment 709 to the Constitution of Alabama of 1901; to reestablish the Education Trust Fund Rainy Day Account within the Alabama Trust Fund; and to establish the General Fund Rainy Day Account within the Alabama Trust Fund. (Proposed by Act No. 2008-
508). That is the entry that will be on the ballot during the General Election in Alabama.

CURRENT: Alabama has two rainy day accounts for the Education Trust Fund, used to prevent proration, or across-the-board budget cuts: the Proration Prevention Account, which works like a savings account, and the Rainy Day Account, which acts like a credit line. The Proration Prevention Account is funded with tax revenues; the Rainy Day Account gives the state the power to borrow money from the $3.2 billion Alabama Trust Fund, funded by the sales of drilling rights and oil and gas leases. The state emptied the $440 million Proration Prevention Account to cover revenue shortfalls in the fiscal 2008 budget. The state can currently borrow up to $248 million from the Alabama Trust Fund to cover Education Trust Fund shortfalls. The money must be repaid within five years.

PROPOSED: Amendment One would increase the borrowing limit to $437 million and lengthen repayment to six years. It also would allow the General Fund to draw up to the equivalent of 10 percent of the previous year's General Fund budget to meet proration. The maximum amount for this year, if the amendment passed, would be $201 million.
The governor would have the ultimate authority to withdraw money from the Alabama Trust Fund to avoid proration. The money would have to be repaid in ten years.

Other messages in this thread:

View Entire Thread

Alabama Politics - mbk - 10/29/2008 1:58:08 PM

Alabama Politics - SPEARFISHER - 10/29/2008 5:33:02 PM

Alabama Politics - Swimmer27 - 10/29/2008 5:57:06 PM

Alabama Politics - mbk - 10/30/2008 10:41:25 AM

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