Section 16-13-70 Issuance authorized; purposes; source of payment. (a) Any county board of education and any city board of education may issue and sell interest-bearing tax anticipation warrants for the purpose of paying the costs of erecting, acquiring, providing, constructing, purchasing, altering, enlarging, improving, repairing and equipping school buildings, school playgrounds and buildings for housing […]
Section 16-13-71 Terms and conditions; sale; use of proceeds. (a) Warrants issued pursuant to the provisions of this article may bear such rate or rates of interest, not exceeding 12 percent per annum, payable semiannually (provided that the first interest payment date may be at any time not later than nine months after the date […]
Section 16-13-72 Refunding warrants. Any county board of education and any city board of education may from time to time sell and issue refunding warrants for the purpose of refunding the principal of warrants then outstanding that were issued by the said board of education under the provisions of either this article or any other […]
Section 16-13-73 Approval of issue by State Superintendent of Education. Before issuing any warrants hereunder, the board of education by which such warrants are proposed to be issued shall cause an application for approval of such issue to be filed with the State Superintendent of Education. Such application shall be in such form and shall […]
Section 16-13-74 Warrants legal investments for fiduciaries. Warrants issued pursuant to the provisions of this article shall be legal investments for executors, administrators, trustees and other fiduciaries. (Acts 1959, 2nd Ex. Sess., No. 57, p. 224, §5.)
Section 16-13-75 Exemption from taxation. All warrants and interest coupons issued pursuant to the provisions of this article and all income derived therefrom shall forever be exempt from all state, county, municipal and other taxation under the laws of Alabama. (Acts 1959, 2nd Ex. Sess., No. 57, p. 224, §6.)
Section 16-13-76 Moneys allocated under article or chapter not to be pledged. Nothing herein contained shall be construed to authorize any local board of education to pledge, for the benefit of any warrants issued hereunder, any portion of the Foundation Program Fund moneys paid, apportioned or allocated to it under the provisions of this chapter, […]
Section 16-13-77 Effect of article on existing powers of boards of education. The provisions of this article shall not be deemed to restrict, abridge or revoke any power which any county or city board of education had prior to the adoption of this article. Without in any way limiting the generality of the foregoing, it […]
