This bill, which shall be known and may be cited as The 21st Century Workforce Act, would authorize the Alabama Public School and College Authority to sell and issue up to $50,000,000 in aggregate principal amount of bonds in addition to all other bonds previously issued by the authority for the purpose of providing funds for career and technical education equipment for local boards of education.
This bill also authorizes the authority to provide for the details of the bonds and for the terms of the sale thereof; and to make an appropriation and pledge for payment of the principal of and interest on the bonds of proceeds from specific excise taxes and other specific and dedicated appropriations to the extent necessary to pay the principal and interest at their respective maturities; to authorize the authority to pledge for payment of the principal of and interest on the bonds the monies so appropriated and pledged; to provide for the investment of funds by the State Treasurer; to provide that the bonds shall be limited obligations of the authority payable solely out of the funds so appropriated and pledged so that the bonds will not create a debt or obligation of the state; to provide that the bonds and the income therefrom shall be exempt from taxation in this state and 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 this state; to authorize the issuance of refunding bonds by the authority and give 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 orders or warrants issued by or under the direction of the authority for the purposes for which the bonds are authorized to be issued; to provide for the timely expenditure of the proceeds from the sale of the bonds; to provide that if any portion of this act shall be held invalid such holding shall not affect the validity of any other portion thereof; and to authorize the authority to reimburse the Building Commission, the Department of Finance, and the State Treasurer's Office for costs incurred in providing services for the authority.
Source: Alabama Legislature