Section 16-13-100 Payment of incidental costs. The board of education issuing any warrants hereunder may pay the cost of printing the warrants, the cost of advertising the sale, the attorneys’ fees for preparing proceedings, the attorneys’ fees for furnishing an opinion as to legality acceptable to the purchaser and other expenses incidental to the issue […]
Section 16-13-101 Redemption of warrants prior to maturity. Any board of education issuing warrants hereunder may, if such action shall be deemed advisable by the issuing board, retain in the proceedings authorizing the issuance of such warrants an option to redeem prior to maturity all or any part thereof, as may be specified in such […]
Section 16-13-102 Exchange and delivery of refunding warrants. Notwithstanding the provisions of Sections 16-13-96 and 16-13-97, refunding warrants issued hereunder may without advertisement be exchanged for a like amount of the warrants being refunded. If part of an authorized issue is so exchanged, the officers authorized to effect such exchange may select from the total […]
Section 16-13-103 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 16-13-104 Exemption from taxation. All warrants and interest coupons attached to the same issued hereunder shall be exempt from state, county and municipal taxation. (Acts 1939, No. 186, p. 334, §15; Code 1940, T. 52, §230.)
Section 16-13-105 Warrants may be validated. All school warrants authorized by this article may, in the discretion of the board of education, be validated in a proceeding in accordance with Sections 6-6-750 through 6-6-757, or any similar proceedings prescribed by law, but such proceedings shall not be essential to the validity of such warrants. (Acts […]
Section 16-13-106 Records. The county board of education or the city board of education, as the case may be, shall keep in its minutes a complete record of all warrants issued under the provisions of this article, which record shall show upon what authority the warrants are issued, the amounts in which issued, the persons […]
Section 16-13-107 Exclusiveness of article. No warrants payable in any fiscal year later than the fiscal year in which they were issued shall be issued except in accordance with the provisions of this article. (Acts 1939, No. 186, p. 334, § 18; Code 1940, T. 52, §233.)
Section 16-13-108 Elections. (a) Elections for the purpose of voting special taxes for any school purpose or for school purposes generally under the constitution may be held at any time in accordance with law for one or more of the following purposes: (1) Voting such tax where no such tax is being levied; (2) Voting […]
Section 16-13-109 Investment of unused proceeds in government securities. If any county or city board of education has issued and sold school warrants under the provisions of this article for school building purposes and if the proceeds of such warrants cannot now be used for school building construction due to priority regulations of the government […]
Section 16-13-90 Purposes for which warrants issued. In any county in which a special county tax shall have been voted under the constitution for such purpose or for school purposes generally, and in any school district in which a special district tax shall have been voted under the constitution for such purpose or for school […]
Section 16-13-91 Approval of issuance. Before issuing any warrants hereunder the county board of education or the city board of education, as the case may be, 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 contain such […]
Section 16-13-92 Execution. All warrants issued hereunder shall be executed in the name of the issuing county or city board of education, as the case may be, by the president of such board, shall be sealed with the seal of such board and attested by the secretary of the board. Coupons attached to such warrants […]
Section 16-13-93 Form. The following form of warrant shall be valid and sufficient for warrants issued hereunder, but any other appropriate form may be used: “No. ___ $ ____ State of Alabama county (city) board of education of the County (City) of ____. County, (City, District No. _____) capital outlay (refunding) school warrant. The county […]
Section 16-13-94 Maturity; payment generally. Capital outlay warrants issued hereunder shall be payable within the period of usefulness of the improvement or property for which the warrants are issued as estimated by the county or city board of education, which estimate shall be conclusive. In no event shall any warrant issued hereunder be made payable […]
Section 16-13-95 Interest rate. All warrants issued hereunder shall bear interest at not exceeding eight 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 of issue. If the principal of or interest on any warrant at any time issued […]
Section 16-13-96 Sale – Generally. All warrants issued hereunder shall be sold to the highest bidder at public sale unless sold at a better price within 30 days after failure to receive any acceptable bid at a duly advertised public sale in accordance with this section. A public sale shall be either on sealed bids […]
Section 16-13-97 Sale – Price. Warrants issued hereunder may be sold at such price or prices as the issuing board of education may deem advisable; provided, that no series of warrants issued hereunder shall be sold at a price resulting in an average annual net interest cost to the issuing board greater than eight percent […]
Section 16-13-98 Preference and payment of warrants and care of fund. All warrants issued hereunder by a county or city board of education shall be payable solely from the county or city board of education’s apportioned share of the proceeds of the special tax in respect of which they were issued, but this shall not […]
Section 16-13-99 Place and method of payment. All warrants issued hereunder may be made payable as to principal and interest at such banks within or without the State of Alabama as the issuing board of education may designate. The county or city superintendent of education and the custodian or treasurer of school funds, as the […]
