Got this in an e-mail this afternoon -

Dear Friends and Supporters:

My campaign is holding an unusual event in a few hours.  We’re having a Tele-Town Hall forum from 6:30 to 7:30 p.m.  This is the first time any political campaign has ever held a statewide Tele-Town Hall meeting in Alabama – and you can participate in it!

•    Who: State Treasurer and Republican candidate for governor Kay Ivey

•    What: Hosting statewide Tele-Town Hall call-in

•    When: Wednesday, December 2nd 6:30-7:30 p.m.

•    Where: Call 877-229-8493 and enter PIN# 15377

As I told you in my last message, I unveiled my “Kay Ivey Partnership For PACT” solution yesterday.  It has received much coverage in the news media and we’re getting many favorable comments about it.  But I also know honoring our commitment without burdening taxpayers is a very complex issue, and lots of people have questions about my plan for a solution.

So this evening I will take your phone calls and spend an hour discussing specific details of my proposal.  Just call the toll-free number at 1-877-229-8493 and use PIN 15377.  You can ask me a question directly, or just listen to the discussion.  Either way, it’s a great opportunity to learn more about my ideas for making sure all PACT students get the education their families have paid for, and to make sure all hardworking Alabama taxpayers are protected, too.

Be sure to forward this message to your friends, neighbors and relative and invite them to call.

I look forward to hearing from you tonight.

Always on your side,

Kay   

P.S. Please pass this to your friends and family and ask them to participate too!

I've read Ivey's Plan and also listened to her call last night. Regarding her 2nd proposed bill, I cannot add anything to the thoughts of this morning's article from the Gadsden Times and have no reason to attempt to trash it even though I believe its doomed to fail. I commend her on her 1st bill formally recognizing the state's legal obligation and hope she works tirelessly to see it through regardless of progress on the 2nd.

I'd like to address Ivey's refusal to contemplate using a portion of the $2.6B sitting in the Alabama Trust Fund. I think it is entirely reasonable to consider using some of these funds w/out "raiding" (her words) the trust and certainly without doing anything to take away from existing obligations. Please review the linked financial data for the trust. I have, and I think I understand it, but please correct me if I'm wrong! 65% of oil & gas royalties are retained in the fund, and only the income earned from the balance is transferred out (w/ the possible exception of Rainy Day money being withdrawn if the Governor declares proration). The principal just sits and fluctuates w/ market volatility, and in fact has grown in almost every year due to royalties exceeding earmarked withdrawals.

Why can't we fund PACT w/ a portion of the Trust's principle? Taking out $300M could be done w/out harming any essentials such as law enforcement, prisons, health care services, or city or county governments. Yes the Trust might (or might not) spit off a little less income for a few years, but it's cash flow positive and would easily make this up in the near future.

In fact, let's dissolve the PACT Board and transfer the PACT assets to the Trust, with principal and earnings earmarked for tuition only, and let the Trust's managers try to manage toward improved returns to reduce the required additional contributions to fund PACT's guarantees. Maybe I'm alone (well, along w/ Rep. Craig Ford) but this seems like an easy solution. It would need voter approval, and to get that at some point voters need to understand this is the only viable alternative to increasing taxes. Those naive taxpayers that think the tuition will never be paid at all should be told that this is much more than a moral obligation of the state, it's a legal obligation that will be paid voluntarily or through a class action lawsuit. I think the pursuit of getting colleges to fund the deficit is just going to confuse the matter and delay a meaningful action.

Again, pass the 1st proposed bill and the 2nd doesn't really matter to us PACT owners.