Section 16-13-301 – Definitions.
Section 16-13-301 Definitions. The following terms as used in this article shall have the following meanings: (1) BOARD. Any county board of education and any city board of education. (2) COSTS. When used with reference to or in connection with any public school facility or any portion thereof, all or any part of the costs […]
Section 16-13-302 – Issuance Authorized; Purposes; Refunding Warrants; Powers of the Boards; Mandamus for Payment.
Section 16-13-302 Issuance authorized; purposes; refunding warrants; powers of the boards; mandamus for payment. (a) In addition to all other notes, obligations, warrants, and other forms or types of indebtedness which any board shall have the power to issue pursuant to laws other than this article, each board shall have full and continuing power from […]
Section 16-13-303 – Notes Not General Obligations; Source of Payment.
Section 16-13-303 Notes not general obligations; source of payment. (a) Warrants issued under this article shall not be general obligations of the board issuing such warrants but shall be payable solely from the designated revenues or tax proceeds of the board which may be lawfully applied to the payment of indebtedness of such board, including […]
Section 16-13-304 – Terms and Conditions; Sale; Use of Proceeds.
Section 16-13-304 Terms and conditions; sale; use of proceeds. (a)(1) Warrants issued pursuant to this article may be in the denomination or denominations; shall have a maturity or maturities not exceeding 30 years from their date; may bear interest from their date at the rate or rates payable in the manner and at the times; […]
Section 16-13-305 – Approval of Issue.
Section 16-13-305 Approval of issue. (a) A board shall obtain the prior written approval of the State Superintendent for the issuance of any warrants under this article. Before entering into any agreement or contract for the issuance and sale, and before the issuance and sale, of any warrants under this article, the board by which […]
Section 16-13-306 – Validity of Warrants.
Section 16-13-306 Validity of warrants. Warrants reciting that they are issued pursuant to the terms of this article shall in any action or proceeding involving their validity be conclusively deemed to be fully authorized thereby and to have been issued, sold, executed, and delivered in conformity therewith and with all other provisions of law applicable […]
Section 16-13-307 – Tax Exemption.
Section 16-13-307 Tax exemption. All warrants and interest accruing thereon issued hereunder shall forever be exempt from all state, county, municipal, and other taxation under the laws of the State of Alabama. (Act 2011-631, p. 1495, §8.)
Section 16-13-308 – Warrants as Legal Investments.
Section 16-13-308 Warrants as legal investments. The warrants issued pursuant to the provisions of this article shall be legal investments for executors, administrators, trustees, and other fiduciaries. (Act 2011-631, p. 1495, §9.)
Section 16-13-309 – Powers Authorized.
Section 16-13-309 Powers authorized. Any county may, with respect to the county board of education within its jurisdiction and any city board of education within, in whole or in part, its jurisdiction, and any municipality may, with respect to the city board of education (if any) within its jurisdiction and with respect to the county […]
Section 16-13-310 – Obligations Under Contractual Agreements.
Section 16-13-310 Obligations under contractual agreements. (a) Upon the request of a public person who shall have issued or incurred obligations for the benefit of a board and for a purpose or purposes for which a board could issue warrants under this article, and upon compliance with the following terms and conditions, a board may […]