• From: Lanett, Alabama
  • Registered: 03-27-2009
  • Posts: 124

Topic: Legislative Foundation of Alabama PACT

Everyone should be familar with what legislative act started the Alabama PACT Trust Fund as we fight our way to secure PACT for all of us...

Code of Alabama, Title 16, Chapter 33C

Einstein once said, 'The definition of insanity is doing the same thing over and over again and expecting different results.'

tenrocdoc's Website

  • Registered: 03-28-2009
  • Posts: 31

Re: Legislative Foundation of Alabama PACT

We also need to look at the Alabama Administrative Code, Section 16-33c to review the regulations that the PACT Board has adopted to govern how they administer the PACT program.  Sometimes, the administrative rules can be enlightening . . . not sure if they carry the weight of law but I know they are important.
http://www.legislature.state.al.us/CODE … -33C-1.htm

  • From: Decatur, AL
  • Registered: 03-27-2009
  • Posts: 35

Re: Legislative Foundation of Alabama PACT

I do not think I could have said it better....!!!! In view of what all has happened-- Perhaps I will read that again -incase the fine print has changed,been  altered....ect.. thanks

Patti Lambert
(256) 227-9180

pattilambert's Website

  • From: Lanett, Alabama
  • Registered: 03-27-2009
  • Posts: 124

Re: Legislative Foundation of Alabama PACT

Interesting how Florida founded their PACT program...

Excerpts from Chapter 1009, Part IV - PREPAID COLLEGE BOARD PROGRAMS, Florida Statutes (2007)


(7) OBLIGATIONS OF BOARD.--The state shall agree to meet the obligations of the board to qualified beneficiaries if moneys in the fund fail to offset the obligations of the board. The Legislature shall appropriate to the Florida Prepaid College Trust Fund the amount necessary to meet the obligations of the board to qualified beneficiaries.


(8) PROGRAM TERMINATION.--In the event that the state determines the prepaid program to be financially infeasible, the state may discontinue the provision of the program. Any qualified beneficiary who has been accepted by and is enrolled or is within 5 years of enrollment in an eligible independent college or university or state postsecondary institution shall be entitled to exercise the complete benefits for which he or she has contracted. All other contract holders shall receive a refund of the amount paid in and an additional amount in the nature of interest at a rate that corresponds, at a minimum, to the prevailing interest rates for savings accounts provided by banks and savings and loan associations

Einstein once said, 'The definition of insanity is doing the same thing over and over again and expecting different results.'

tenrocdoc's Website

  • Registered: 05-19-2009
  • Posts: 1

Re: Legislative Foundation of Alabama PACT

Has anyone read the Code of Alabama as it concerns the use of the Great Seal.  My paid-up PACT Certificate has the Great Seal as a watermark.  My reading of the Code is that the Great Seal is used on official State obligation documents -- such as bonds, etc.

  • From: Lanett, Alabama
  • Registered: 03-27-2009
  • Posts: 124

Re: Legislative Foundation of Alabama PACT

No but any information you could come up with would be informative. Can you research it?

Thanks

Einstein once said, 'The definition of insanity is doing the same thing over and over again and expecting different results.'

tenrocdoc's Website

  • Registered: 03-28-2009
  • Posts: 31

Re: Legislative Foundation of Alabama PACT

Someone with a "legal" mind might want to review what the Attorney Geneal has said about the state seal.  Evidently, there is a difference between a facimilie/copy of the state seal and the state seal itself.  If this link doesn't work, go to the Attorney General (State of AL) website and put in "state seal" in the search for opinions.

http://www.ago.state.al.us/opinion_resu … d=FullText