Opinion of the Justices

To the Senate of Alabama,

Montgomery.

Sirs:

In response to your inquiry of June 7, 1943, relative to Senate Bill No. 330, which authorizes the investment in United States Government Bonds of funds held in trust pursuant to the provisions of the Income Tax Amendment to the Constitution of Alabama (Article XXII, -Amendment No. XXV) for the payment of State of Alabama Refunding Bonds dated July 1, 1935, we submit the following:

We note that Article XXII, Constitution, ordains that “all income derived from such tax (Income Tax) shall be held in trust for the payment of the floating debt of Alabama…