Section 16-26C-13 Dissolution of the foundation. - Alabama Statutes

Section 16-26C-13

Dissolution of the foundation.

In the event of dissolution, which may be accomplished only by legislative act, the residual assets of the foundation shall be disbursed by the State Comptroller as follows:

(1) SCHOOL SYSTEMS. Those monies remaining in the accounts of the various school systems shall be given to the State Board of Education for disbursement to each designated school system and shall be expended by each local board of education per school based on the previous year's average daily membership. Funds shall be spent only on those items which are specifically enumerated in Section 16-26C-9.

(2) TRUST FUNDS. Those monies remaining in the accounts of the various participating trust funds shall be returned in whole to the treasurer of each applicable trust fund.

(Acts 1992, 2nd Ex. Sess., No. 92-716, p. 212, §13; Act 98-319, p. 535, §5.)