SB559 Alabama 2010 Session

This bill requires the Alabama Public School and College Authority to sell and issue $66,500,000 in aggregate principal amount of additional bonds for the support of public education. This bill authorizes the Authority to reimburse the Department of Finance and the State Treasurer's office for costs incurred in providing services for the Authority; it authorizes the Authority to provide for the details of the bonds and the sale and issuance thereof; it makes an appropriation and pledge for payment of the principal and interest on the bonds from specific funds necessary to pay the principal and interest at their respective maturities and authorizes the Authority to pledge for payment of the principal and interest on the bonds the funds that are appropriated and pledged; it provides for the investment of funds by the State Treasurer; it provides that the bonds shall not constitute a debt of the state but shall be limited obligations payable out of the funds appropriated and pledged therefor; it provides that the bonds and income therefrom shall be exempt from all taxation in this state and that the bonds may be used to secure deposits of funds of this state and its political subdivisions, instrumentalities and agencies and for investment of fiduciary funds; it authorizes the Authority to establish procedures and requirements to ensure compliance with the tax covenants with which the Authority must comply; it exempts the bonds from the usury laws of the state; it authorizes the Authority to issue refunding bonds and gives the details of such refunding; it provides for the employment of attorneys, fiscal advisors, trustees, paying agents, investment bankers, banks, and underwriters and for the payment of all expenses incurred in the issuance of the bonds; it provides that after payment of the expenses of the issuance of the bonds the proceeds from the sale thereof shall be disbursed on order or warrants issued by or under the direction of the Authority for the purposes for which the bonds are authorized to be issued; it provides that the bonds may not be issued if certain conditions are met; and it provides that if any portion of this act should be held invalid such holding shall not affect the validity of any other portion thereof

To authorize the Alabama Public School and College Authority to sell and issue $66,500,000 in aggregate principal amount of additional bonds for the support of public education; to authorize the Authority to reimburse the Department of Finance and the State Treasurer's office for costs incurred in providing services for the Authority; to authorize the Authority to provide for the details of the bonds and the sale and issuance thereof; to make an appropriation and pledge for payment of the principal and interest on the bonds from specific funds necessary to pay the principal and interest at their respective maturities and authorizes the Authority to pledge for payment of the principal and interest on the bonds the funds that are appropriated and pledged; to provide for the investment of funds by the State Treasurer; to provide that the bonds shall not constitute a debt of the state but shall be limited obligations payable out of the funds appropriated and pledged therefor; to provide that the bonds and income therefrom shall be exempt from all taxation in this state and that the bonds may be used to secure deposits of funds of this state and its political subdivisions, instrumentalities and agencies and for investment of fiduciary funds; to authorize the Authority to establish procedures and requirements to ensure compliance with the tax covenants with which the Authority must comply; to exempt the bonds from the usury laws of the state; to authorize the Authority to issue refunding bonds and give the details of such refunding; to provide for the employment of attorneys, fiscal advisors, trustees, paying agents, investment bankers, banks, and underwriters and for the payment of all expenses incurred in the issuance of the bonds; to provide that after payment of the expenses of the issuance of the bonds the proceeds from the sale thereof shall be disbursed on order or warrants issued by or under the direction of the Authority for the purposes for which the bonds are authorized to be issued; it provides that the bonds may not be issued if certain conditions are met; and to provide that if any portion of this act should be held invalid such holding shall not affect the validity of any other portion thereof.