By PHILLIP RAWLS

Associated Press Writer

Published: Saturday, May 15, 2010 at 9:09 a.m.

The Republican race for state treasurer pits a funny name with big money against a big name with little money.

On the Democratic side, the ballot features a veteran of Alabama politics taking on a young attorney running as a political outsider.

Both races will be decided in the primary elections June 1. The treasurer’s race is attracting more interest than normal because incumbent Kay Ivey is running for lieutenant governor and the state’s prepaid college tuition program, administered by the treasurer, required a $548 million bailout by the Legislature.

On the Republican side, Young Boozer III is making his first venture into politics in a race against George Wallace Jr., long a familiar name on Alabama ballots.

Boozer is entering politics after a lengthy career in finance and banking, which he capped by serving as executive vice president of Colonial Bank. He left the bank in 2007 about two years before its failure.

Boozer has pumped $400,000 of his own money into his campaign. It has allowed him to run an extensive ad campaign to tell voters that his funny name is real and educate them about his serious background in finance.

“State treasurer is a natural for me,” said Boozer, 61.

His name is also a natural for jokes. Boozer got national exposure April 19 when “Tonight Show” host Jay Leno made wisecracks about his moniker.

Boozer missed the jokes because he was already asleep, but people keep reminding him of it on the campaign trial. “That was the best thing that could happen,” he said.

Wallace, 58, is the son of four-time Gov. George C. Wallace and bears one of the most famous names in Alabama politics. But he has never exhibited his father’s ability to raise large amounts of campaign contributions.

Through mid-April, he reported raising nearly $67,000 in contributions – about $1,000 less than Boozer – but Wallace didn’t have the $400,000 of personal money to use like Boozer. He also doesn’t expect to match Boozer’s contributions in the run up to June 1.

“I’m not the darling of the insiders in Montgomery, regardless of what my name is,” Wallace said.

Wallace served two terms as state treasurer from 1987-1995 and helped design Alabama’s prepaid college tuition plan.

Wallace said the Prepaid Affordable College Tuition plan was sound when he left office, but it was hit by “a perfect storm” of sinking investments and skyrocketing tuition.

Boozer said Wallace designed the program poorly because universities were never a partner in its design and there were no controls on tuition costs. “It was doomed from the beginning,” he said.

Wallace said many Alabamians lost money when Colonial failed last year. “I’m not sure my opponent’s experience accrues to the benefit of the people of Alabama,” he said.

Boozer said he was never involved with the real estate loans that brought down Colonial.

On the Democratic side, retired banker Charley Grimsley of Northport faces Jeremy Sherer, an attorney from Oneonta.

Grimsley, 55, said recent problems with the prepaid college tuition plan show the treasurer’s office needs someone with financial experience. “I’m a third-generation community banker who knows how to manage money,” he said.

Grimsley worked with the parents’ group Save Alabama PACT to get the Legislature to shore up the tuition program, and leaders of the group have endorsed him for treasurer.

Grimsley is also a veteran of Alabama politics, serving as state conservation commissioner under Democratic Gov. Jim Folsom Jr., as chief of staff for Republican Lt. Gov. Steve Windom, and chief of staff for Democratic Senate President Pro Tem Hinton Mitchem.

As conservation commissioner, Grimsley got the Legislature to pass a boating safety law that helped reduce fatalities. He later sued the state and halted plans for a private company to run an upscale convention hotel at Gulf State Park on the Alabama coast. Grimsley argued that state parks must remain affordable for average Alabamians.

“I have a long record of fighting for the underdog and winning,” Grimsley said.

Sherer said Grimsley has a record of someone who is not a true Democrat because he has given to GOP candidates along with working for Windom. “There are legitimate concerns to his Democratic Party allegiances,” Sherer said.

Sherer, 31, said Grimsley and both Republican candidates are middle-aged conservatives who have been around state government a long time, and he is an outsider who can bring new ideas to the treasurer’s office.

One of those ideas would be making sure that banks receiving state deposits use the money to lend to local businesses and don’t put it into bonds that don’t grow the local community.

Those ideas were enough to get the Alabama New South Coalition to endorse him for treasurer.

“Alabama voters are wanting a breath of fresh air and energy to come into that office,” Sherer said.