House Panel OK's Bill to Repay Money to Trust Fund

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By Alabama News Network

The Alabama House has voted to require repayment of $437 million that voters allowed to be transferred from a state savings account by 2026.

 

The House voted 80-19 Thursday for the bill by Republican Rep. Jay Love of Montgomery. It was the first bill passed by the House during the 2013 regular session.

 

Alabama voters approved an amendment to the state Constitution in September that allowed the state to borrow the money from the Alabama Trust Fund. The trust fund contains proceeds from oil and gas revenue. Alabama Gov. Robert Bentley and many legislators promised voters before the amendment vote that the money would be repaid.

 

Opponents of the bill argued the money should be paid back sooner. An amendment to repay the money in six years was defeated.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

 

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