Current law provides for appropriations to be made from the Education Trust Fund in future years to the PACT Trust Fund for the purpose of fully funding the PACT Program, the terms of which were amended in Act 2010-725
This bill will provide that in any year in which the PACT Program is unable to meet the financial obligations mandated in Act 2010-725, an amount sufficient to off-set such shortfall shall be transferred to the PACT Program from any funds designated to be deposited into the Budget Stabilization Fund under the Code of Alabama 1975, Section 29-9-4
To further provide for the full funding of the PACT Program by providing for the transfer of funds designated for the Budget Stabilization Fund provided for in Code of Alabama 1975, Section 29-9-4, in any year in which the PACT Program is unable to meet the financial obligations established by Act 2010-725.
|February 28, 2012
|Read for the first time and referred to the Senate committee on Finance and Taxation Education
|SB371 Alabama 2012 Session - Introduced