SB242 Alabama 2020 Session

To authorize the Alabama Public School and College Authority to sell and issue $1,250,000,000 in aggregate principal amount of additional bonds for capital improvements for the support of public education and to use such funds for repayment of certain debt incurred for capital improvements; to provide funds for capital improvements for the public schools, the Alabama Community College System, and public institutions of higher education; to make an appropriation and pledge for payment of the principal of and premium, if any, and interest on the bonds from specific taxes necessary to pay the principal and interest at their respective maturities and to authorize the Authority to pledge for payment of the principal of and premium, if any, and interest on the bonds the funds that are appropriated and pledged; to provide that the bonds shall 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 income therefrom shall be exempt from all taxation in this state; to authorize the Authority to issue refunding bonds and give details of such refunding; to authorize the Authority to allocate bond proceeds; and 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.