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AL HB309
Bill
Status
1/21/2014
Primary Sponsor
Craig Ford
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AI Summary
HB309 Summary
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84% of PACT Trust Fund assets shall be distributed by July 1, 2014 to state institutions of higher education according to specified percentages, with Auburn University receiving 30.74% and University of Alabama receiving 33.14%
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Remaining 16% of PACT Trust Fund assets retained to pay tuition and fees for beneficiaries attending out-of-state or private institutions, process refunds, and cover administrative costs
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Future appropriations from the Education Trust Fund to PACT programs distributed annually to state institutions in the same percentage amounts as the initial asset distribution
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State institutions of higher education must honor remaining PACT contracts by allowing admitted beneficiaries to attend without paying tuition or fees as defined in original PACT contracts entered prior to Act 2010-725
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State institutions prohibited from denying admission to PACT contract beneficiaries solely due to their PACT contract status; PACT Board authorized to administer and pay tuition for beneficiaries selecting private or out-of-state institutions
Legislative Description
Prepaid Affordable College Tuition Program (PACT), assets and future appropriations from Education Trust Fund, transferred to institution of higher education, state college to allow eligible students to attend without tuition or fees, certain funds for out-of-state colleges, Secs. 16-33C-6, 16-33C-7, 16-33C-8, am'd; Secs. 16-33C-17, 16-33C-18, 16-33C-20 repealed
Education Trust Fund
Last Action
Read for the first time and referred to the House of Representatives committee on Ways and Means Education
1/21/2014