Alabama Statutes
§ 5-23-4 — Proceeds
Alabama·Title 5 Banks and Financial Institutions·Ch. 23 State Sponsorship of Financial Institution Credit Card
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.
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Legislative History
(Acts 1990, No. 90-524, p. 764, §5; Act 98-319, p. 535, §11.)