HB340 Alabama 2013 Session

Summary

Primary Sponsor

Napoleon BracyRepresentative

Democrat

Co-Sponsors

David SessionsSteve McMillanJames E. BuskeyChad FincherJoe FaustHarry ShiverJamie IsonVictor GastonRandy DavisJim Barton

Session

Regular Session 2013

Title

Public School and College Authority, bonds, issuance of $35,000,000 million to schools damaged in April 27, 2012 and December 25, 2012, rebuild and equip, tornados

Summary

HB340 would allow the Alabama Public School and College Authority to issue up to $35 million in bonds to rebuild and equip tornado-damaged schools, paid from designated state tax revenues without creating state debt.

What This Bill Does

It authorizes the bond issuance to fund rebuilding and equipment for tornado-damaged schools from April 27, 2011 and December 25, 2012. Proceeds would be paid from specific tax revenues and dedicated appropriations, with the bonds treated as limited obligations payable only from those funds. The bill also sets aside a fixed distribution of bond proceeds ($20 million to Murphy High School in Mobile County and $15 million to other tornado-damaged schools) and allows refunding bonds, investment arrangements, and various governance and administrative provisions to carry out the program.

Who It Affects

• The Alabama Public School and College Authority would gain authority to issue bonds, manage proceeds, investments, and repayment (without creating state debt).
• Tornado-affected schools and their communities (including Murphy High School in Mobile County) would receive funds to rebuild and equip facilities.

Key Provisions

• Authorize sale and issue of up to $35 million in bonds to fund rebuilding and equipping tornado-damaged schools.
• Bonds are limited obligations payable solely from designated tax receipts and appropriated funds; not a general state debt.
• Distribute proceeds: $20 million to Mobile County School System for Murphy High; $15 million to State Department of Education for other damaged schools.
• Allow refunding bonds and establish tax exemptions, investment powers, and professional staff for issuance.
• Governor must approve terms; resources must be enough to pay debt service; proceeds must be expended timely; unspent allocations may revert.

AI-generated summary using openai/gpt-5-nano on Feb 24, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Public School and College Authority