WSFA 12 News Montgomery, AL |State Lawmaker proposes plans to help PACT
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A state lawmakers says he has a plan to help fix PACT. Representative Craig Ford held a news conference Tuesday to announce his proposals to provide funding to ease the PACT financial crisis.
Plan A is taking $5 million from the Capital Improvement Trust Fund and $25 million from the abandoned property funds. Over the next five years that would deposit $150 million into PACT.
Plan B is a constitutional amendment voters would have to approve. The funds would come from the Oil and Gas Trust Fund. $150 million the first year and an additional $25 million each year after that to deposit a total of $150 million into PACT.
"So basically what we're doing is bailing them out at a 50% level for five years. Hopefullly at that time the market will turn around. It would give them 50% of the revenue needed for the next five years," explains Representative Ford. He introduced both plans to the house Tuesday.
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