Albritton said on Wednesday that the amount would be the "final and complete payment" after many years of smaller payments on the state's debt to the Alabama Trust Fund.
"The Legislature ran into some financial difficulties a few years back in which the last time we experienced proration," Albritton said. "During that time frame, we had a significant shortfall in funds. To overcome that and to remedy the circumstances that we were temporarily in, we had to go to the people to seek authority to borrow money from the Alabama Trust Fund. It was hundreds of millions of dollars. I think it was something over $400 million over a two or three, four years timeframe that we borrowed substantial monies from the trust fund by authority of that constitutional amendment that passed in which we filled the gap of trying to keep the government operational."
Alabama voters approved a constitutional amendment when state government finances were in bad shape in 2012 that allowed for a $437 million transfer from the Alabama Trust Fund to the General Fund over three years. According to Tuscaloosa News, the amendment didn't have a payback requirement, but legislation was later passed requiring the state to pay the borrowed amount back.
Thirty-two state senators are listed as co-sponsors on the bill.
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