SB78 Alabama 2011 Session

Updated Jul 26, 2021

Summary

Primary Sponsor: Del Marsh
Republican
Session: Regular Session 2011
Title: Public School and College Authority, bonds authorized by Act 99-348, 1999 Reg. Sess. and Act 2002-240, 2002 Reg. Sess., certain unused proceeds, premium income, and investment income of bonds, expenditure for additional public education purposes and administrative costs authorized
Description: Under existing law, in 1999, the Legislature authorized the Alabama Public School and College Authority to sell and issue up to $89,000,000 of bonds for construction and improvement of certain worker training facilities and to equip these facilities. Certain bond proceeds remain from the bonds issued pursuant to the 1999 act; although, the bonds have been paid off.
Under existing law, in 2002, the Legislature authorized the Alabama Public School and College Authority to sell and issue $75,000,000 of bonds for workforce development and training facilities for companies that engage in the business of manufacturing or assembling complete passenger automobiles, trucks, trailers, buses, and parts and accessories with the State of Alabama.
This bill would authorize the Alabama Public School and College Authority to use the proceeds, premium income, and investment income of bonds authorized pursuant to Act 99-348 and Act 2002-240 for construction, reconstruction, alteration, improvement, and equipping of buildings and other facilities for general education purposes and for administrative costs.
Subjects: Public School and College Authority