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October 19, 2000     The Tuskegee News
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Amendments to the Constitution of Alabama PUBLISHED Oct. 12, Oct. 10ther costs of a nature com- to or required in connec- those described. to any person of the foregoing costs such person either for account, or for the account with- to when incurred. Development Costs" the costs and expenses or to be incurred by the connection with economic projects and the of industrial to the state including, limitation, site prepara- infrastructure improve- the costs of training and workers in the state and constructing facilities in the state, costs, expenses incurred in connection issuance of General Bonds for such pur- the costs for obtaining and other forms enhancement on General Bonds issued for such and the reimbursement rPerson of any of the forego- incurred by such person for its own account or for of the State of its agencies or authori- year" means the period October 1 and ending 30 of the following cal- gener- in the State Treasury of Obligation Bonds" including refunding issued by the State of for the purpose of Docks Improvements Economic Development Local Government Match and Municipal Costs, as provided amendment. Government Match means the monies to be provided by the as a condition to of federal grant rev- for road and bridge together with the and fees incurred the issuance of Obligation Bonds for and the" costs of bond insurance and of credit enhance- on General Obligation Infrutructure Costs" the cost of acquiring and municipal infra- through Department of together with the and fees incurred the issuance of Obligation Bonds for and the costs of bond insurance and of credit enhance- ~n General Obligation Gu Capital Payment" any payment (including payment) received by or any agency or instru- thereof as all or part of for the sale, 10r other disposition by the 'or instrumen- of ~ny right to and drill for or to produce 0r other hydrocarbon rain- any area on the water Be high water mark of or in any other off- and shall include any b by the state from federal t~us leases off the coast of Any royalty or other with the exception of heretofore or hereafter that in based upon or with respect to, the of oil, gas or other minerals and that is or any agency or thereof regard. time of such payment b eonsidered an oil and gas ~Yment. capital gains" means the sale or exchange of of the Alabama Trust than fixed income the extent they exceed the sale of such amount of gain or loss of an asset shall be by subtracting from of selling the asset value as of the end preceding fro- 19, Oct. 26 and Nov. 2, 2000 cal year, or, in the case of the fis- cal year in which this amendment is ratified, its fair market value as of the first business day follow- ing ratification of this amend- ment. ~Trust Income" means the Trust Income as defined in Amendment Numbers 450 and 488 to the Constitution of Alabama of 1901. "Unrealized capital gains" means the excess of the fair market value of the Alabama Trust Fund on the last day of the fiscal year over the fair market value of the Trust Fund on the last day of the immediately preceding fiscal year. The fair market value of the Trust Fund on the last day of a fiscal year shah be determined without including the Trust Income for the fiscal year; real- ized capital gains for the fiscal year; or the fair market value of fixed income assets. For the fiscal year beginning October 1, 2001, the fair market value of the assets on September 30, 2002, shall be determined without regard to the fair market value on the date of transfer of the assets transferred from the Alabama Heritage Trust Fund. Section III. Distributions of Trust Income and capital gains earned by the Alabama Trust Fund shall be made annually in accordance with the following: (a) In any fiscal year in which the Trust Income exceeds $60,000,000, ten percent (10%) of the Trust Income shall be distrib- uted to the Municipal GovernmentCapital Improvement Fund created in Section 11-66-4, Code of Alabama 1975, and ten percent (10%) of the Trust Income shall be distributed to the County Government Capital Improvement Fund creat- ed in Section 11-29-4, Code of Alabama 1975. The Director of Finance shall certify such amounts to the State Comptroller, who shall make the required distributions not later than April 15 of the following fis- cal year. The distributions provid- ed for in this section shall be in lieu of and not in addition to the distributions required by Sections 11-29-5 and 11-66-5, Code of Alabama 1975. The remainder of the Trust Income shall be paid into the General Fund, except as provided by Amendment 543 to the Constitution of Alabama of 1901. Provided, however, the fis- cal year following the first fiscal year that the Forever Wild Land Trust receives fifteen million dol- lars ($15,000,000) from the trust income of the Alabama Trust Fund, one-fourth (1/4) of one per- cent of the trust income earned from the Alabama Trust Fund shall be allocated to the Alabama S~nior Services Trust Fund. This allocation shall increase each fis- cal year by one-fourth (1/4) of one percent of the trust income earned from the Alabama Trust Fund; provided, however, that in no event shah such trust income paid to the Alabama Senior Services Trust Fund exceed five million dollars ($5,000,000) in any one fmcal year. (b) Notwithstanding any other provision of this constitution, within 30 days following the end of each fiscal year, the Board of Trustees of the Alabama Trust Fund may transfer up to seventy- five percent (75%) of the realized capital gains for such fiscal year. The amount distributed shall be divided as follows: Eighty percent (80%) to the General Fund, ten percent (10%) to the County Government Capital Improvement Fund created in Section 11-29-4, Code of Alabama 1975, and ten percent (10%) to the Municipal Government Capital Improvement Fund creat- ed in Section 11-66-4, Code of Alabama 1975, and the remain- der of such realized capital gains shall be paid into the General Fund, except that a portion of such realized capital gains shall be distributed in the same man- ner as and deemed to be a part of ~trust income for purposes of the distributions required under Sections 7 and 13 of Amendment 543 to the ConstitutioL of Alabama of 1901. . (c) Notwithstanding any other provision of this constitution, within 30 days following the end of each fiscal year, the Board of Trustees of the Alabama Trust Fund may transfer up to seventy- five percent (75%) of the unreal- ized capital gains for such fiscal year. The amount distributed shall be divided as follows: Eighty percent (80%) to the General Fund, ten percent (10%) to the County Government Capital Improvement Fund created in Section 11-29-4, Code of Alabama 19v5, and ten percent (10%) to the Municipal Government Capital Improvement Fund creat- ed in Section 11-66-4, Code of Alabama 1975, and the remain- der of such unrealized capital gains shall be paid into the General Fund except that a por- tion of such unrealized capital gains shall be distributed in the same manner as and deemed to be a part of trust income for pur- poses of the distributions required under Sections 7 and 13 of Amendment 543 to the Constitution of Alabama of 1901. Section IV. Beginning on October 1 immediately following the rati- fication of this amendment, 35% of all Oil and Gas Capital Payments paid into the Alabama Trust Fund in any fiscal year shall be transferred by the State Treasurer to the special trust funds created by this amendment in the following manner: (a) an amount equal to seven percent (7%) of all Oil and Gas Capital Payments received by the Alabama Trust Fund during the preceding fiscal year shall be paid into the County and Municipal Government Capital Improvement Trust Fund; and (b) an amount equal to twenty-eight percent (28%) of all Oil and Gas Capital Payments received by the Alabama Trust Fund during the preceding fiscal year shall be paid into the Alabama Capital Improvement Trust Fund. Section V. (a) Funds in the Alabama Capital Improvement Trust Fund shall be invested by the Board of Trustees in such kinds of investments as are authorized for the investment of the Alabama Trust Fund. All income of such funds (determined in the same manner as Trust Income of the Alabama Trust Fund) shall be deposited into the General Fund. (b) Funds in the County and Municipal Government Capital Improvement Trust Fund shall be invested by the Board of Trup~s in such kinds of investments as are authorized for the investment of the Alabama Trust Fund. All income of such fund (determined in the same manner as Trust Income of the Alabama Trust Fund) shall be deposited into the County and Municipal Government Capital Improvement Trust Fund subject to distribution pursuant to Section VI. (c) The Board of Trustees shall determine from time to time the asset allocation of investments in the Alabama Trust Fund and shall determine the annual amount of Realized and Unrealized Capital Gains to be transferred to the General Fund. The Secretary-Treasurer of The Retirement Systems of Alabama shall be the initial manager of 50 percent of the assets, and finan- cial institutions and other corpo- rate entities with general trust powers headquartered within the state shall be the initial manager or managers of 50 percent of the assets in the Alabama Trust Fund, subject to guidelines pro- dded by the Board of Trustees. The Board of Trustees shah have the power to appoint another per- son or persons to manage all or any portion of the assets in the Alabama Trust Fund upon a two- thirds vote of the Board of Trustees. Section VI. On April 1 of each year, the State Comptroller shall distribute one-half of all Trust Income earned during the preced- ing fiscal year from the invest- ment of funds contained in the County and Municipal Government Capital Improvement Trust Fund to the Municipal Government Capital Improvement Fund created by Section 11-66-4, Code of Alabama 1975, and one-half of said Trust Income to the County Government Capital Improvement Fund created by Section 11-29-4, Code of Alabama 1975. Distributions of Trust Income to the Municipal Government Capital Improvement Fund shall be administered in accordance with Section 11-66-6, Code of Alabama 1975. Distributions of Trust Income to the County Government C apital Improvement fund shall be administered in accordance with Section 11-29-6, Code of Alabama 1975. Section VII. Funds in the Alabama Capital Improvement Trust Fund may be appropriated for Capital Improvements only upon the certification of the Governor, based upon the recom- mendation of the Director of Finance, that funds are needed for particular Capital Improvements. The Governor's certification for such Capital Improvements shall be contained in his or her budgets for the oper- ation of state government submit- ted annually to the Legislature. Legislative appropriations from this Fund that are in excess of those contained in the Governor's certification must be accompa- nied by legislative findings of fact explaining the appropriations that differ from or are in excess of those certified by the Governor. The foregoing notwithstanding, the Legislature may appropriate funds from this trust fund for Capital Improvements upon a recorded majority vote of each house. Section VIII. The State of Alabama is authorized to become indebted and to sell and issue its interest-bearing General Obligation Bonds, in addition to all other bonds of the state, in an aggregate principal amount not exceeding $350 million. The General Obligation Bonds issued pursuant to this amendment shall be general obligations of the State, and the full faith and cred- it of the State are hereby irrevo- cably pledged for the prompt and faithful payment of the principal, interest and redemption premium (if any) on the General Obligation Bonds. Section IX. The Governor, the Director of Finance, the Commissioner of Revenue, the Chairman of the Senate Finance and Taxation General Fund Committee and the Chairman of the House Ways and Means General Fund Committee are hereby constituted a Bond Commission with full authority, except as herein specified or lim- ited, to determine the terms and conditions of the General Obligation Bonds and to provide for the sale and issuance thereof. No member of the Bond Commission shall receive com- pensation in any form for any ser- vices performed by him or her in and about his or her duties as a member or officer of the Bond Commission. The Bond Commission shall meet at the call of the Governor, who is hereby designated its chairman. Three members of the Bond Commission (at least one of which shall be the Chairman of the Senate Finance and Taxation- General Fund Committee or the Chairman of the Ways and Means-General Fund Committee) shall constitute a quorum, for the transaction of business, and all proceedings of the Bond Commission shah be reduced to writing, recorded in a substantial record book and friedt ~ith the Director of Finance, who is here- by designated as the Secretary of the Bond Commission and who shall keep the records of the pro- ceedings of the Bond Commission. Section X. The proceeds of the General Obligation Bonds shall be paid into the State Treasury, shall be kept continually invested pending the expenditure thereof, and shall, together with the income derived from the invest- ment and reinvestment thereof (including income derived from the investment and reinvestment of previously derived income), be retained in one or more separate accounts of the State Treasury until expended for the purposes authorized in this amendment and in the manner provided by law. The proceeds of such General Obligation Bonds, together with the investment income derived from said pro- ceeds, shall be used solely for the purpose of paying Docks Improvement Costs, Economic Development Costs, Local Government Match Funds and/or Municipal Infrastructure Costs. Not more than $50 million of the proceeds of such General Obligation Bonds shall be spent for local government match funds and not more than $15 million of such proceeds shall be spent for municipal infrastructure costs. Section XI. There m hereby appropriated for the payment of the General Obligation Bonds such monies out of the Alabama Capital Improvement Fund as are necessary to pay principal of, interest on and redemption pre- mium (if any) on the General Obligation Bonds. Monies in the Alabama Capital Improvement Trust Fund are also hereby appropriated for the payment of principal of, interest on and redemption premium (if any) on bonds authorized to be issued pursuant to Amendments Nos. 618, 619 and 620 of the Constitution of Alabama of 1901. Section 2. An election upon the proposed amendment shall be held in accordance with Sections 284 and 285 of the Constitution of Alabama of 1901, as amended, and the election laws of this state at the next general election fol- lowing the passage of this pro- posed amendment. Section 3. The appropriate elec- tion official shall assign a ballot number for the proposed constitu- tional amendment on the election ballot and shall set forth the fol- lowing description of the sub- stance or subject matter of the proposed constitutional amend- ment: "Proposing an amendment to the Constitution of Alabama of 1901, to establish the County and Municipal Government Capital Improvement Trust Fund and the Alabama Capital Improvement Trust Fund to be administered in accordance with the provisions of this amendment; to redistribute a portion of the Oil and Gas Capital Payments now being paid into the Alabama Trust Fund under Amendment No. 450 to the Constitution of Alabama of 1901 to the funds created by this Amendment; and to authorize the issuance of General Obligation Bonds in an aggregate principal amount not exceeding $350 mil- lion for the purpose of: (i) making substantial capital improvements to the state dock facilities at the Port of Mobile, (ii) promoting eco- nomic development and industri- al recruitment in this State, (iii) providing the local government match monies required to issue federal grant revenue bonds for road and bridge improvements and (iv) providing funds to munic- ipal governments for infrastruc. ture improvements; and to appro- priate monies in the Alabama Capital Improvement Trust Fund for the payment of debt service on General Obligation Bonds utho- rized by this amendment. Proposed by ACt ." This description shall be followed by the following language~ ~Yes ( ) No()." I further direct and proclaim that notice of this election to be held on Tuesday, November 7, 2000, upon the above set forth proposed amendment to the Constitution of Alabama of 1901 of the State of Alabama, be given by publishing the same once a week for four suc- cessive weeks immediately pre- ceding Sunday, the 8th day of October, 2000, in a newspaper qualified to run legal notices in each county in the state. In every county in which no newspaper is published, a copy of the notice shall be posted at each court- house and post office in such county. IN WITNESS WHEREOF, I have hereunto set my hand and caused the Great Seal of the State of Alabama to be affixed by the Secretary of State, at the Capitol, in the City of Montgomery, Alabama, on this the 31st day of July 2000. DON SIEGELMAN GOVERNOR ATTEST: JIM BENNETT SECRETARY OF S2ATE WHEREAS, the Alabama Legislature at its Regular Session of 2000 ordered an election to be held on a certain proposed amendment to the Constitution of Alabama, set out herein as Act No. 2000-590; and further ordered that such election be held at the next statewide general election in accordance with Amendment 555 to the Constitution of Alabama of 1901; and WHEREAS, the next statewide general election will be and occur on Tuesday, November 7, 2000; and WHEREAS, notice of this elec- tion, together with this proposed amendment, is required by law and by the provisions of Act No. 2000-590 to be given by Proclamation of the Governor, which Proclamation shall be pub- fished once a week for four suc- coseive weeks immediately pre- ceding the day appointed for the election, in all newspapers quali- fied to run legal notices in the State of Alabama. NOW, THEREFORE, I, Don Siegelman, Governor of the State of Alabama by the power and authority vested in me as Governor, do hereby give notice, direct and proclaim that on Tuesday, November 7, 2000, an election will be held in the man- ner and form provided by law upon the l'ollowing amendment to the Constitution of 1901 of the State of Alabama: On the ballots to be used at the election, the question shall be substantially as follows: AMENDMENT NUMBER 5 Relating to a statewide proposed amendment to increase members of the Board of Trustees of Auburn University. Proposed by Act No. 2000-590 YES ( ) NO ( ) The language on the proposed amendment as taken directly from the act is set out hereinafter as follows: by Rep. Carothers SYNOPSIS: Under existing law, the Board of Trustees of Auburn University consists of two mem- bers from the congressional dis- trict in which the institution is located, one from each of the other congressional districts in the state as they existed on January 1, 1961, the State Superintendent of Education, and the Governor. Members are appointed by the Governor by and with the advice and consent of the Senate, continue to serve until successors are appointed and qualified, and vacancies are t'ffled by the Governor. The terms of members are 12 years. This bill would propose an amendment to the Constitution of Alabama of 1901, to provide that the board consist of one member from each of the con.t[reseional districts in the state U'~onstitut- ed on January 1, 1961, one mem- ber from Lee County, the current State Superintendent of Education to be subsequently replaced by an at-lerga member, two other at-large members, all of whom ~ reside in the conti- nental United States, and the Governor. This bill would provide that the initial two at-larga trustees would be appointed by the Governor and all other trustees would be appointed by an appointing committee, with all appointments subject to the advice and consent of the Senate. This bill would create an appoint- ing comm/ttee composed of vari- ous university related individuals and the Governor or the designee of the Governor. This hill would limit trustees, except certain initial at-large' trustees, to two full seven-year terms of office. This bill would provide that a current member of the board may complete his or her current term and may serve two additional seven-year terms. This bill would provide that a vacating trustee would remain on the board until a successor assumes office, but in no case for a period longer than one year. This bill would provide that no trustee would be appointed after reaching 70 years of age.