HB775 Alabama 2010 Session

Updated Jul 26, 2021

House Bill

Expired

Current Status

Regular Session 2010

Session

1

Sponsor

Summary

Primary Sponsor: Robert Bentley
Republican
Session: Regular Session 2010
Title: Prepaid Affordable College Tuition Trust Fund, investments required to produce equal return over 20 years, new enrollees prohibited, certain borrowing authorized, const. amend.
Description: This bill would propose an amendment to the Constitution of Alabama of 1901, to (1) mandate that the Board of Directors of the Wallace-Folsom College Savings Investment Plan invest all of the assets of the Prepaid Affordable College Tuition (PACT) Trust Fund, with certain exceptions, in investments that will generate a return of principal and interest that provides equal annual payments to the PACT Trust Fund over a twenty-year amortization period; (2) prohibit new enrollees from being accepted into the PACT Program after the ratification of this amendment; and (3) allow the Board of Directors of the Wallace-Folsom College Savings Investment Plan to borrow from the Alabama Trust Fund the difference between the PACT Program's investment returns and benefit payments.
Subjects: Constitutional Amendments

Pending third reading on day 30 Favorable from Finance and Taxation Education

Read for the second time and placed on the calendar

Read for the first time and referred to the Senate committee on Finance and Taxation Education

Engrossed

Motion to Read a Third Time and Pass adopted Roll Call 988

Motion to Adopt adopted Roll Call 987

Bentley 2nd Amendment Offered