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16-54-18
Section 16-54-18 Fund previously generated by proceeds from lands dedicated to university to
be deposited in Restricted Endowment Fund; provisions for payment of remaining principal over
five-year-period; interest to be paid. On May 19, 1980, the Treasurer of the state shall pay
to the Treasurer of the University of Montevallo the whole amount of the fund in the Treasury
generated by proceeds from both federally granted and other lands dedicated to the benefit
of the University of Montevallo. These funds shall be deposited into the University of Montevallo
Restricted Endowment Fund. On October 1, 1996, and on October 1 of each of the next four fiscal
years, the State Treasurer shall pay to the Treasurer of the University of Montevallo one-fifth
of the remaining principal sum of proceeds not heretofore transferred, which were derived
and generated from the sales of federal lands granted by the United States Congress to the
State of Alabama for the express support of the University of...
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41-15A-2
Section 41-15A-2 Distribution of proceeds. (a) Proceeds from the Penny Trust Fund which are
dedicated for the promotion of the public health shall be transmitted by the Comptroller to
the Department of Public Health for the Alabama Drug Assistance Program and other similar
programs upon application of the State Health Officer and approval by the board. (b) Proceeds
from the Penny Trust Fund which are dedicated for the promotion of the public health of children
in public schools shall be transmitted by the Comptroller to the State Board of Education
upon application of the State Superintendent of Education and approval by the board. Revenues
received by any school system from the Penny Trust Fund shall not replace or supplant any
existing funds or programs from any other source. (c) There is appropriated from the Penny
Trust Fund for any fiscal year accumulated earnings, available and not appropriated in any
fiscal year 2001 and forward sufficient to fund all applications and proposals...
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11-54-128
Section 11-54-128 Authorizing resolution. (a) In order to provide for the establishment of
an endowment trust fund, the directors shall adopt an authorizing resolution authorizing the
execution and delivery, on behalf of the industrial development board, of a trust agreement
under which such fund shall be established and maintained. The directors may, in either the
authorizing resolution or the trust agreement authorized thereby, or, at the discretion of
the directors, in both, all as the directors shall deem appropriate, set out all of the following:
(1) The general purpose or purposes of such fund, and, subject to the provisions of Section
11-54-129, the purpose or purposes for which moneys held in and forming a part of such fund
may be expended and the manner in which all other properties, whether real or personal, tangible
or intangible contributed to such fund may be managed, used and disposed of. (2) A procedure
or procedures for the distribution or expenditure of such moneys and...
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16-13-234
Section 16-13-234 Allocation of funds. (a) In making apportionment of the Public School Fund
held by the state, to the local boards of education, the State Superintendent of Education
shall first set apart and distribute to the schools of each township the amount due from the
state thereto as interest on its sixteenth section fund, or other trust fund held by the state.
(b) It is the intent of the Legislature to insure that no local board of education receive
less state funds per pupil than it received in fiscal year 1994-95. For this reason the Foundation
Program for each local board of education shall be supplemented, if necessary, by a hold harmless
allowance. The base amount of each local board's hold harmless allowance calculation is the
1994-95 program cost as defined herein. The 1994-95 program cost of each local board of education
was determined by using the first forty scholastic days of average daily membership from 1993-94.
Beginning with the fiscal year 1995-96, the hold...
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22-36-6
Section 22-36-6 Expenditure of funds from leaking Underground Storage Tank Trust Fund; investigative
and corrective powers in regard to administration of funds; liability of owner or operator
for costs. (a) The department shall be authorized to administer the expenditure of any funds
made available from the Leaking Underground Storage Tank Trust Fund established by the Superfund
Amendments and Reauthorization Act of 1986. (b) To enable the department to administer the
Leaking Underground Storage Tank Trust Fund, or state fund, where applicable, the department:
(1) Shall have authority to take investigative and corrective action with respect to releases
of petroleum from underground storage tanks; (2) Shall have the authority to expend any state
funds which may be made available for investigative and corrective action or federal funds
which are authorized for state use under 42 U.S.C. ยง6991b.(h) for investigative or corrective
action involving releases of petroleum from underground...
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41-15C-1
Section 41-15C-1 Creation; funding and distribution. (a) There is hereby created the Alabama
Senior Services Trust Fund as a separate fund in the State Treasury. The trust fund shall
be administered by the Secretary/Treasurer of the Retirement Systems of Alabama, which shall
be entitled to a reasonable fee for the administration. All investments shall be made pursuant
to the same authority and restrictions that apply to the investment of funds of the Retirement
Systems of Alabama. (b) Funding to the Alabama Senior Services Trust Fund shall be from the
distribution of tobacco settlement proceeds as enacted in Division 1 of Article 17 of Chapter
10 of this title. Distributions to the trust fund shall be made each fiscal year that the
state receives proceeds from the tobacco settlement. (c) Earnings in the trust fund shall
not be subject to appropriation until the Legislature includes an appropriation in the general
appropriations act from the trust fund to the Department of Senior...
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11-54-131
Section 11-54-131 Investment of moneys; duties of fund manager. (a) Moneys held in and forming
a part of an endowment trust fund, including, without limitation, proceeds of investments
held in and forming a part of the fund, shall, to the extent practicable and feasible, be
kept fully and continuously invested, pending their distribution and expenditure for the purposes
authorized by this division, in any of the following: (1) Interest-bearing bank time deposits
and interest-bearing bank certificates of deposit. (2) Debt securities that are direct general
obligations of the United States of America or any agency thereof, and debt securities of
any state or local government. (3) Other debt securities, common and preferred stocks, shares
of investment companies or mutual funds, or other like investments. (b) All of the above as
may be authorized in the trust agreement under which such fund has been established, and all
with the care, skill, prudence, and diligence under the circumstances...
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16-13-231
Section 16-13-231 Purposes and plan of apportionment. (a) In addition to all other appropriations
and apportionments of public school money now provided by law and made available for public
schools there shall be apportioned and paid to local boards of education from the Foundation
Program Fund, the amounts to be determined as hereinafter provided and in accordance with
regulations of the State Board of Education. This Foundation Program Fund shall be used principally:
(1) To aid in providing at least a 180 full instructional day minimum school term, or the
hourly equivalent thereof, except as otherwise provided in paragraph c. of subdivision (1)
of subsection (b); and, (2) To assist in the promotion of educational opportunity for all
children in the public schools. (b) The following requirements and procedures, supplemented
when necessary by regulations of the State Board of Education, shall govern the apportionment
of the fund: (1) REQUIREMENTS FOR PARTICIPATING IN FUND. In order for...
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19-3-151
Section 19-3-151 Right of fiduciary to participate in partnership; liability of fiduciary,
estate and beneficial owners. If permitted by the trust instrument or will under which he
serves or by order of a court having jurisdiction of the estate or trust, a fiduciary may
enter into a partnership agreement or arrangement with others or accept the assignment of
or otherwise acquire, hold and dispose of an interest in a partnership, and in so doing may
become either a general or a limited partner. In any such case, as to creditors of or claimants
against such partnership and as to the other members of such partnership, the liability, if
any, of such fiduciary for the debts and other liabilities of the partnership, whether ex
contractu or ex delicto or otherwise, shall be limited to the assets of the trust or estate,
or so much thereof as may be necessary to discharge such debts and liabilities, but no personal
liability shall attach to the fiduciary or to the beneficial owners of the...
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19-3B-111
Section 19-3B-111 Nonjudicial settlement agreements. (a) For purposes of this section, "interested
persons" means persons whose consent would be required in order to achieve a binding
settlement were the settlement to be approved by the court. (b) Except as otherwise provided
in subsection (c), interested persons may enter into a binding nonjudicial settlement agreement
with respect to any matter involving a trust. (c) A nonjudicial settlement agreement is valid
only to the extent it does not violate a material purpose of the trust and includes terms
and conditions that could be properly approved by the court under this chapter or other applicable
law. (d) Matters that may be resolved by a nonjudicial settlement agreement include: (1) the
interpretation or construction of the terms of the trust; (2) the approval of a trustee's
report or accounting; (3) direction to a trustee to refrain from performing a particular act
or the grant to a trustee of any necessary or desirable power; (4)...
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