Bentley is proposing a new bill - HB775 - which would borrow from the AL Trust Fund to shore up any deficits in PACT. This is almost what we need.

The problem is the concept of borrowing. It requires funds to later be returned. If PACT had any potential future revenue to repay the Trust then no actuarial deficit would exist in the first place. As is, his bill is a huge waste of time. But, with one small change, it would be perfect. Simply replace the word "borrow" w/ the word "take".

While the bill w/ tuition caps would solve the PACT problem, it is heavily opposed and in serious jeopardy of not passing. Little's version of the bill would also move the $236M to PACT, which is not quite enough, but could then be subsidized w/ Bentley's proposed bill if the word "borrow" were to be changed. This would result in total payments of around $200M or so from the Trust Fund over the next 15 or 20 years. That's peanuts to this $3.3B Trust that has averaged growing by $200M/yr.

If Bentley wants to propose a constitutional amendment, do this: 1) Guarantee all PACT tuition payments; 2) move the existing PACT funds including the $236M (if we get it) to the ATF; 3) let the ATF board manage the funds as deemed appropriate; and 4) pay any deficits from the ATF.

Or don't do it. The courts will later mandate it anyway, and the ATF is the state's only source of savings, and continues to grow w/ future oil and gas royalties pouring in.