SB245 Alabama 2012 Session

Under existing law, the Alabama Public School and College Authority is authorized to sell and issue bonds and apply the proceeds for the construction of new school facilities as well as the renovation of existing school facilities in school systems directly impacted by the 2005 Base Realignment and Closure

This bill would change the baseline date to January 1, 2006

This bill would provide that the average salary or equivalent wage can be attributed to 2005 BRAC that is equal to or exceeding $80,000

This bill would remove the provision that a school district may not receive the proceeds of the bonds issued by the Public School and College Authority unless the district or political subdivision has experienced an increase in the sales tax rate

This bill would remove the provision that in order to qualify for bond proceeds, a local school system may redirect an existing tax not currently dedicated to schools to qualify for bonds

To amend Sections 16-16A-2, 16-16A-7, and 16-16A-8, Code of Alabama 1975, to change the baseline date to January 1, 2006; to provide that the average salary or equivalent wage can be attributed to 2005 BRAC that is equal to or exceeding $80,000; to remove the provision that a school district may not receive the proceeds of the bonds issued by the Public School and College Authority unless the district or political subdivision has experienced an increase in the sales tax rate; and to remove the provision that in order to qualify for bond proceeds, a local school system may redirect an existing tax not currently dedicated to schools to qualify for bonds.