SB597 Alabama 2010 Session
Summary
- Primary Sponsor
-
T.D. “Ted” LittleDemocrat - 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
Bill Actions
Pending third reading on day 29 Favorable from Finance and Taxation Education
Place on the calendar.
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
Bill Text
Documents
Source: Alabama Legislature