Section 16-13-210 Definitions. Whenever used in this article, unless a different meaning clearly appears in the context, the following terms shall be given the following respective meanings: (1) BOARD OF EDUCATION. Any county board of education and any city board of education. (2) NOTES. The warrant anticipation notes authorized to be issued under this article. […]
Section 16-13-211 Borrowing money in anticipation of warrants authorized; issuance of notes. Any board of education may borrow money in anticipation of the issuance of warrants for use for any of the purposes described in Section 16-13-70(a) or Section 16-13-90 and, in evidence of such borrowing, issue from time to time notes maturing not later […]
Section 16-13-212 Notes not general obligation; board may pledge tax proceeds. The principal of and interest on such notes shall not be general obligations of the board of education issuing said notes but shall be payable from the principal proceeds from the sale of the warrants with respect to which such notes are issued and, […]
Section 16-13-213 Refunding, renewing or extending notes. Any notes issued pursuant to this article may be refunded or renewed or extended for two additional periods of not more than 18 months from the date of maturity of such notes being refunded or renewed or extended, but otherwise pursuant to all of the terms and conditions […]
Section 16-13-214 Notes sold at public or private sale. Any notes issued pursuant to the provisions of this article may be sold either at public or private sale as the board of education issuing such notes shall determine and the State Superintendent of Education shall approve. (Acts 1979, No. 79-823, p. 1538, §5.)
Section 16-13-215 Approval of note issue by state superintendent; procedure; conclusive determination. (a) Before issuing any notes hereunder, the board of education by which such notes are proposed to be issued shall cause an application for approval of such issuance to be filed with the State Superintendent of Education. Such application shall be in such […]
Section 16-13-216 Exemption from taxation. All notes issued pursuant to the provisions of this article, all interest paid thereon and all income derived therefrom shall forever be exempt from all state, county, municipal and other taxation under the laws of Alabama. (Acts 1979, No. 79-823, p. 1538, §7.)
Section 16-13-217 Legal investments for fiduciaries. The notes issued pursuant to the provisions of this article shall be legal investments for executors, administrators, trustees and other fiduciaries. (Acts 1979, No. 79-823, p. 1538, §8.)
