HB612 Alabama 2013 Session

This bill establishes the Secure School Facilities Act

This bill authorizes the Alabama Public School and College Authority to sell and issue up to $50,000,000 in aggregate principal amount of additional bonds to provide funds for building renovations for local boards of education

To provide for the Secure School Facilities Act; to authorize the Alabama Public School and College Authority to sell and issue up to $50,000,000 in aggregate principal amount of additional bonds to provide funds for building renovations for local boards of education; to authorize the authority to provide for the details of the bonds and the sale and issuance thereof; to make an appropriation and pledge for payment of the principal of and interest on the bonds from specific taxes 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 funds that are appropriated and pledged; to provide for the investment of funds by the State Treasurer; to provide that the bonds not constitute a debt of the state but shall be limited obligations payable out of the funds appropriated and pledged therefor; to provide that the bonds and the income therefrom shall be exempt from taxation in this state and that 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 tax covenants with which the authority must comply; to exempt the bonds from the usury laws of the state; to authorize the authority to issue refunding bonds 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 should 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.