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AL SB371
Bill
Status
2/28/2012
Primary Sponsor
Roger Bedford
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AI Summary
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Appropriates $10 million (FY 2016), $20 million (FY 2017), $20 million (FY 2018), and $13 million (FY 2019) from the Education Trust Fund to the PACT Trust Fund to achieve 100 percent full funding of the PACT Program.
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Beginning in FY 2016, authorizes transfer of funds from the Budget Stabilization Fund to the PACT Trust Fund in any fiscal year when the PACT Trust Fund has insufficient assets to meet financial obligations under Section 16-33c-17.
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Modifies the Budget Stabilization Fund distribution process to prioritize transfers to the PACT Trust Fund for tuition and fees mandated by the PACT Board after repaying the Education Trust Fund Rainy Day Account.
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Declares it the intent of the Legislature that the PACT program be fully funded as intended by Act 2010-725.
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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 Senate committee on Finance and Taxation Education
2/28/2012