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2018 Code of Alabama
Title 5 - BANKS AND FINANCIAL INSTITUTIONS.
Chapter 23 - STATE SPONSORSHIP OF FINANCIAL INSTITUTION CREDIT CARD.
Section 5-23-4 - Proceeds.
Universal Citation: AL Code § 5-23-4 (2018)
Section 5-23-4Proceeds.
The net proceeds of the state fees shall be transmitted to the state Comptroller and distributed as follows:
(1) Seventy-five percent to the Foundation for Local Schools as provided in Chapter 26C of Title 16, to be allocated to the credit of local school systems.
(2) Twenty-five percent to the Penny Trust Fund as established by Amendment 512 of the Constitution of Alabama of 1901, and by Chapter 15A of Title 41.
(Acts 1990, No. 90-524, p. 764, §5; Act 98-319, p. 535, §11.)
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