Paramount Pictures has decided to believe in “A Rhinestone Alibi,” setting up the tale of a college-based alibi service for Julie Richardson and Nathan Holtz to produce as the first project at their Imaginarium Entertainment shingle.Texas-set comedy centers on a co-ed with a mind for business who finds herself short on tuition. Her solution to her financial shortfall is building an on-campus empire providing alibis for friends. Studio has made a life rights deal with Lisa Jennings Petty, who established the alibi service at the U. of Arizona during the 1980s after her father cut off financial support when she ran up credit card debt. Holtz and Richardson, who is a producer on DreamWorks’ “Collateral,” are seeking writers on the project. Paramount VP Pam Abdy is overseeing it.