SB78 Alabama 2011 Session

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

To authorize the expenditure for additional public education purposes of certain unused proceeds, premium income, and investment income of bonds issued pursuant to Act 99-348 of the 1999 Regular Session (Acts 1999, p. 500) and Act 2002-240 of the 2002 Regular Session (Acts 2002, p. 510) for additional public education purposes; and to authorize the proceeds of the bonds to be expended for administrative costs.