AMENDMENT 668 RATIFIED

Distribution of Alabama Trust Fund Income.

(a) For the purposes of this amendment, the following terms shall have the following meanings:

1. FISCAL YEAR. The fiscal year of the state as may from time to time be provided by law.

2. COUNTY GOVERNMENT CAPITAL IMPROVEMENT FUND. The fund created in Section 11-29-4, Code of Alabama 1975.

3. MUNICIPAL GOVERNMENT CAPITAL IMPROVEMENT FUND. The fund created in Section 11-66-4, Code of Alabama 1975.

4. THE ALABAMA TRUST FUND OR TRUST FUND. The fund created by Amendment 450 of the Constitution of Alabama of 1901.

5. TRUST INCOME. The net income received by the state, subsequent to the transfer of the initial trust capital by the State Treasurer to the board of trustees of the trust fund, from the investment and reinvestment of all assets of the trust fund, determined in accordance with the provisions of Amendment 450 of the Constitution of Alabama of 1901. Trust income does not include income which become part of the trust capital of the trust fund, but for the purpose of this amendment shall include the amounts allocated to the Forever Wild Land Trust Fund as provided in Section 7(d) of Amendment 543 of the Constitution of Alabama of 1901.

(b) Beginning October 1 of the fiscal year immediately following ratification of this amendment, in addition to all other appropriations heretofore or hereafter made, there is hereby annually appropriated from the State General Fund to the county government capital improvement fund and to the municipal government capital improvement fund each an amount equal to at least 10 percent of the trust income from the Alabama Trust Fund at the time as the trust income received by the state in the preceding fiscal year equals or exceeds sixty million dollars ($60,000,000) as calculated pursuant to Amendment 450 and Section 7(d) of Amendment 543 of the Constitution of Alabama of 1901. No funds shall be appropriated in any fiscal year for which in the previous fiscal year trust income received by the state was less than sixty million dollars ($60,000,000).

(c) The county government capital improvement fund appropriation shall be distributed to the several counties of the state and shall be paid on April 15 of the fiscal year for which each annual appropriation is made as follows:

Part of the funds to be paid to counties that is equal to 45.45 percent of the total of that portion shall be allocated equally among the 67 counties of the state; and the entire residue of the portion to be paid to counties, being an amount equal to 54.55 percent of that portion, shall be allocated among the 67 counties of the state on the basis of the ratio of the population of each county to the total population of the state according to the then next preceding federal decennial census.

(d) The municipal government capital improvement fund appropriation shall be distributed to the incorporated municipalities of the state and shall be paid on April 15 of the fiscal year for which each annual appropriation is made as follows:

(1) Each incorporated municipality in the state with a population of less than 1,000 shall receive one thousand dollars ($1,000); each incorporated municipality in the state with a population of 1,000 or more shall receive two thousand five hundred dollars ($2,500).

(2) The residue of the portion to be paid to the incorporated municipalities in the state shall be distributed among the incorporated municipalities in the state on the basis of the ratio of the population of each municipality incorporated to the total population of all the incorporated municipalities in the state according to the then next preceding federal decennial census.

(e) The county government capital improvement fund and the municipal county government capital improvement fund shall continue in existence until and unless extinguished by an amendment to the Constitution of Alabama of 1901.

(f) The State Comptroller shall make all allocations of funds and shall make the distribution and payments thereof pursuant to the allocations provided for in this amendment. All funds allocated to the county government capital improvement fund and to the municipal government capital improvement fund shall only be expended for any purposes as are now or hereafter authorized by general act of the Legislature.