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Alabama referendum opponent lays out payback planHUNTSVILLE, Ala. (AP) — A state senator who opposed the constitutional amendment taking $437 million from the Alabama Trust Fund is working on two bills to pay back the money. Republican Sen. Paul Sanford of Huntsville said Friday one bill is short term. It uses future BP oil spill settlement money to pay back the trust fund. His long-term bill provides for a 10-year payback with 5 percent interest starting in 2016. The constitutional amendment approved by a 2-to-1 margin Tuesday will allow legislators to use the $437 million to balance the General Fund budget for three years. The constitutional amendment does not mandate a payback, but the governor and others have called for that. Sanford said either of his proposals would ensure the financial strength of Alabama for the next generation. |
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