(a) There is annually appropriated from the Education Trust Fund to the PACT Trust Fund the following amounts in the following fiscal years:

Terms Used In Alabama Code 16-33C-16

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • following: means next after. See Alabama Code 1-1-1
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • year: means a calendar year; but, whenever the word "year" is used in reference to any appropriations for the payment of money out of the treasury, it shall mean fiscal year. See Alabama Code 1-1-1
(1) For the fiscal year ending 2016 — $33,952,000;
(2) For the fiscal year ending 2017 — $63,622,000;
(3) For the fiscal year ending 2018 — $62,783,000;
(4) For the fiscal year ending 2019 — $61,539,000;
(5) For the fiscal year ending 2020 — $60,738,300;
(6) For the fiscal year ending 2021 — $31,881,600;
(7) For the fiscal year ending 2022 — $32,181,600;
(8) For the fiscal year ending 2023 — $33,494,400;
(9) For the fiscal year ending 2024 — $33,728,700;
(10) For the fiscal year ending 2025 — $38,449,500;
(11) For the fiscal year ending 2026 — $39,201,000;
(12) For the fiscal year ending 2027 — $32,500,000.
(b) Beginning with the fiscal year ending September 30, 2017, for budgetary purposes and annual budget calculations, fifty-five percent (55%) of the appropriations made in this section shall be considered to be a portion of the funding received by colleges and universities, and the remainder shall be considered to be the same as appropriations made for debt service.