Just in case you haven't gotten the details:
We all have a chance to make an investment in the future of education in Alabama when we go to the polls Tuesday, Nov. 4, by voting yes on "Rainy Day" Amendment 1. The history behind the amendment is this: Six years ago, state leaders created a savings account from a small percentage of earned oil and gas royalties. Voters approved that measure at the polls. Funds were set aside beginning in 2002 to help cover a future shortfall of up to $248 million in the Education Trust Fund, including a mechanism requiring that the money be paid back into the rainy day account for use again when needed. Money was borrowed from the fund in 2003 and repaid. The referendum on the upcoming Nov. 4 ballot simply updates that amount to $437 million. The only statewide Constitutional referendum on the ballot, Amendment 1 is an important option that will allow the state of Alabama to sustain some momentum and minimize the negative impact on our educational institutions and keep them moving forward. The Rainy Day Amendment will lessen the impact of proration at the most critical time in the modern history of Alabama. The referendum will allow the public schools to borrow money from the Alabama Trust Fund, a $3.2 billion savings pool derived from the sales of drilling rights and leases. These dollars have been set aside for a time like this, and the Constitutional referendum is required to open that vitally needed credit line. As you prepare to vote on Nov. 4, please consider these four important facts: - This amendment will effectively manage proration of the education budget -- K-12-Ph.D. - It will create a mechanism for the General Fund so that cuts to Medicaid and health and human services will be minimized during this current year. - It will not raise your taxes. - This is not a Wall Street-style bailout. Money transferred to prevent proration must be paid back in full within six years.
Re: Info on Amendment 1
Just FYI... opposition to the amendment points out that since the money WILL have to be payed back, there is a chance taxes will be raised at that point (and/or teachers will be affected) in order to pay that money back.
I will try to find sources on both sides.
Ahh, that's good to know!
I have noticed signs all over the UAB campus that say vote "yes" to Amendment 1, so I appreciate the info.
Bethany, I appreciate your thoughts and effort on this as well. I'm trying to do better about looking at all sides of issues before I make a concrete decision of which way I want to vote.
http://www.sandmountainreporter.com/story.lasso?ewcd=6d2929102d66ad93
http://www.myfoxal.com/myfox/pages/News/Detail?contentId=7750746&version=1&locale=EN-US&layoutCode=VSTY&pageId=3.2.1
http://www.gadsdentimes.com/article/20081026/NEWS/810250293
This is enough to make me want to vote for it. It doesn't hurt that most of my family is involved in public education.
http://ballotpedia.org/wiki/index.php/Alabama_Rainy_Day_Amendment_1_(2008)
All I can say is just try to be an informed voter on anything you vote on. Educate yourself.
Thanks! Wikipedia always breaks it down well for us. The arguments in favor and opposition are good to read.
Katie - your link didn't work for me...it just said no text on the page
I'm probably going to vote yes on it as I am always in favor of helping our education system, even if it means raising taxes.
Try this http://ballotpedia.org/wiki/index.php?title=Alabama_Rainy_Day_Amendment_1_%282008%29&oldid=68885
And I agree...I can deal with higher taxes in order for more money to be available to schools.
That happened to me too. When you click on it, the last ")" is removed. Copy and paste it into the browser or just add the ) after you click on it and the info will come up.
Yeah I clicked on the link that Amy posted (thanks Amy!). I love how Wikipedia has a good wealth of information. Sometimes I think it's even better than Google.
Taxes for education are fine. I just think it's important to take care of other wasteful spending in order to make the most of the money we HAVE rather than taxing more.
That's just one danger I was trying to point out with things like this - giving them more rather than making them more accountable for what's already there.