MONTGOMERY, Ala. (AP) - Amendment one has been passed by Alabama voters that allows state officials to dip into the Alabama Trust
Fund to plug budget holes.
Amendment One was passing with 57 percent of the vote with 96
percent of precincts reporting statewide early Wednesday morning.
The amendment expands the state's rainy day fund for the
education budget and creates one for the General Fund budget by
borrowing money from the Alabama Trust Fund.
Gov. Bob Riley and education officials say the passage of
Amendment One is crucial to minimize across-the-board cuts in
Opponents say the revision amounts to a bailout for
politicians who have made a mess of state finances.
The trust fund is a $3 billion state savings account started by
Gov. Fob James and receives part of the royalties from natural gas
wells drilled in state-owned waters along the Alabama coast.