AL · constitutions
Ala. Const. art. XI, § 219.06
“Penny Trust Fund” Established for Promotion of Public Health and Public Schools
(a) There shall be established and maintained the “penny trust fund” within the state treasury to promote the public health and the public schools. Citizens may make voluntary donations to the penny trust fund. All donations and funds received shall be held in perpetual trust and shall not be subject to legislative appropriation or otherwise expended.
(b) Earnings, including accrued interest and dividends, shall be retained in the penny trust fund, not subject to appropriation until the state treasurer certifies that sufficient moneys exist in the Fund or until the fiscal year which begins in 2000, whichever comes first; then and afterward, only 90 percent of the prior fiscal year's earnings to be subject to appropriation. Capital gains taken on the sale of any securities shall revert to the principal of the penny trust fund.
(c) Funds in the penny trust fund are to be managed and invested by the state treasurer who may receive funds from any source not prohibited by law.
(d) Fifty percent of the earnings subject to appropriation shall be dedicated to the programs and projects which promote the public health, and 50 percent dedicated to the public schools.
(e) The legislature shall have power to implement this amendment by appropriate legislation.
Provenance
- Source
- alison.legislature.state.al.us
- Retrieved
- 2026-09-24
- Edition
- 2026-09-24
- Content hash
daafb8893eee0e09d5d68d2dc3a6f8e0a7acf22328b949d848d948281505e45c
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