2015 Code of Alabama
Title 16 - EDUCATION.
Chapter 33C - WALLACE-FOLSOM PREPAID COLLEGE TUITION TRUST FUND.
Section 16-33C-15 - Appropriations from the Education Trust Fund to the PACT Trust Fund; purpose.
(a) In addition to the appropriations made in Section 16-33C-14, there is also annually appropriated from the Education Trust Fund to the PACT Trust Fund the following amounts in the following fiscal years:
(1) For the fiscal year ending 2020 -- $7,092,300
(2) For the fiscal year ending 2021 -- $31,881,600
(3) For the fiscal year ending 2022 -- $32,181,600
(4) For the fiscal year ending 2023 -- $33,494,400
(5) For the fiscal year ending 2024 -- $33,728,700
(6) For the fiscal year ending 2025 -- $38,449,500
(7) For the fiscal year ending 2026 -- $39,201,000
(8) For the fiscal year ending 2027 -- $32,500,000
(b) These appropriations represent an amount that as of May 1, 2010, is less than or equal to 30 percent of the difference between the Education Trust Fund's portion of the FY 2014 debt service obligations of the Alabama Public School and College Authority (APSCA) and the Education Trust Fund's portion of the debt service obligations of the APSCA for the applicable fiscal year. Traditionally, approximately 70 percent of the appropriations in the annual Education Trust Fund budget have been allocated to agencies and entities providing educational services for K-12 students while approximately 30 percent of the appropriations in the annual Education Trust Fund budget have been allocated to agencies and entities providing postsecondary educational services. The appropriations made in subsection (a) represent, as of May 1, 2010, the portion of the difference between the Education Trust Fund's portion of the FY 2014 debt service obligations of the Alabama Public School and College Authority (APSCA) and the Education Trust Fund's portion of the debt service obligations of the APSCA for the applicable fiscal year that would normally be appropriated to agencies and entities providing postsecondary educational services. As a result, the remaining 70 percent of the difference between the Education Trust Fund's portion of the FY 2014 debt service obligations of the Alabama Public School and College Authority (APSCA) and the Education Trust Fund's portion of the debt service appropriation to APSCA for the applicable fiscal year shall be appropriated to K-12. Appropriations made in this section shall be appropriated entirely from funds that would otherwise be appropriated for or received by colleges and universities. For budgetary purposes and calculations, the appropriations made in this section shall be considered to be a portion of the funding received by colleges and universities. In no event shall the K-12 portions of the Education Trust Fund budget be reduced or altered in any manner as a result of appropriations made in this section.
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