HB775 Alabama 2010 Session
Bill Summary
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
Proposing an amendment to the Constitution of Alabama of 1901, to 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; to prohibit new enrollees from being accepted into the PACT Program after the ratification of this amendment; and to 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.
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| April 21, 2010 | Pending third reading on day 30 Favorable from Finance and Taxation Education | |
| April 21, 2010 | Read for the second time and placed on the calendar | |
| April 14, 2010 | Read for the first time and referred to the Senate committee on Finance and Taxation Education | |
| April 13, 2010 | Engrossed | |
| April 13, 2010 | Motion to Read a Third Time and Pass adopted Roll Call 988 | |
| April 13, 2010 | Motion to Adopt adopted Roll Call 987 | |
| April 13, 2010 | Bentley 2nd Amendment Offered | |
| April 13, 2010 | Motion to Adopt adopted Roll Call 986 | |
| April 13, 2010 | Bentley 1st Amendment Offered | |
| April 13, 2010 | Third Reading Passed | |
| April 1, 2010 | Read for the second time and placed on the calendar | |
| March 25, 2010 | Read for the first time and referred to the House of Representatives committee on Education Appropriations |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB775 Alabama 2010 Session - Engrossed |
| Bill Text | HB775 Alabama 2010 Session - Introduced |