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AL HB361
Bill
Status
2/21/2012
Primary Sponsor
Craig Ford
Click for details
AI Summary
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Appropriates $63 million from the Education Trust Fund to the PACT Trust Fund across fiscal years 2016-2019 ($10M in 2016, $20M in 2017, $20M in 2018, and $13M in 2019) to fully fund the PACT Program.
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Beginning in FY 2016, permits transfer of funds from the Budget Stabilization Fund to the PACT Trust Fund in any year when the PACT Trust Fund has insufficient assets to pay financial obligations established by Act 2010-725.
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Modifies the Budget Stabilization Fund statute to prioritize transfers to the PACT Trust Fund for tuition and fees mandated by the PACT Board after the Education Trust Fund Rainy Day Account is fully repaid.
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Declares legislative intent that the PACT program as amended in Act 2010-725 shall be fully funded as originally intended.
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Becomes effective immediately upon passage and approval by the Governor.
Legislative Description
PACT Program, transfer of funds designated to Budget Stabilization Fund to PACT program in those years where program is unable to meet financial obligations, authorized, legislative intent re, Secs. 16-33C-16, 29-9-4 am'd
PACT Program
Last Action
Read for the first time and referred to the House of Representatives committee on Ways and Means Education
2/21/2012