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Thank you very much for your email. I am working very hard to solve this problem and have been in touch with the Director of the PACT Program almost on a daily basis. Hopefully we will reach a solve soon.
Sincerely,
Senator Larry Dixon
DMG, it certainly seems Dixon is on this problem.
Problem is, there are various different solutions proposed.
Have you read the Dixon Proposal under our Documents section?
What is your opinion and any other forum members on his proposal?
Richard Huckaby
Cofounder, SaveAlabamaPact.com
2X PACT holder
The Dixon proposal goes a bit further towards fulfillment of Alabama's obligations to participants of the PACT program than the House proposals... but .... is the devil in the details. There is currently 3.2 billion in the Alabama Trust Fund. The Dixon proposal suggest establishing another Rainy Day Fund to temporarily cover shortfalls in the PACT TRUST. Ultimately in theory the Dixon proposal would fulfill Alabama's obligations to current contract holders as long as the Alabama Trust Fund stays above 2 billion. The problem as I see it is the state is already relying on the Alabama Trust Fund to cover shortfalls in the budget for primary education. What happens when the Alabama Trust Fund cannot cover both obligations. Does this not pit Alabamians against each other fighting for limited resources for primary and secondary education? The state has a financial obligation to both primary and secondary education, but there is a difference between those obligations from a legal prospective. I think more information is needed! Have all options been explored?
What is the concensus of opinion about the Oil & Gas Royalties? I think the legislation which has been given voice approval by the appropriations committee to give $150M over 5 years to be paid back in future (now headed to House floor) has merit.
Last edited by dhpeacher (04-04-2009 3:23:38 pm)
Question needs to be answered as to what happens if the money can not be paid back.
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