Senate Approves Bill to Guarantee Payback

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By Alabama News Network

Legislation to guarantee the state will repay money borrowed from an oil and gas revenues savings plan has moved closer to final passage in the Alabama Legislature.

 

The Alabama Senate voted 25-7 Thursday to approve a bill mandating repayment of $437 million borrowed from the Alabama Trust Fund.

 

An amendment added by Republican Sen. Bryan Taylor of Prattville provides for an automatic annual payment to the trust fund, ensuring that each transfer from the fund will be repaid within 10 years or less.

 

The House passed the bill earlier and it now goes back to the lower chamber for approval of Taylor's amendment.

 

Alabama voters in September approved borrowing the money from the trust fund.

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 This material may not be published, broadcast, rewritten or redistributed.)

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