Section 16-16-1 Definitions. For the purposes of this chapter, the following words and phrases shall have the following respective meanings: (1) THE AUTHORITY. The public corporation organized pursuant to the provisions of this chapter. (2) BONDS. The bonds issued under the provisions of this chapter. (3) STATE. The State of Alabama. Pronouns when used in […]
Section 16-16-10 Disposition of proceeds of bonds. (a) The proceeds of all bonds, other than refunding bonds, issued by the authority remaining after paying expenses of their issuance shall be deposited in the State Treasury and shall be carried in the State Treasury in a special or separate account. Said expenses shall be deducted from […]
Section 16-16-11 Pledge of revenues for payment of bonds. (a) For the purpose of providing funds to enable the authority to pay at their respective maturities the principal of and interest on any bonds issued by it under the provisions of this chapter and to accomplish the objects of this chapter, there is hereby irrevocably […]
Section 16-16-12 Payment of principal and interest on bonds. Out of the revenues appropriated and pledged in Section 16-16-1, the State Treasurer is hereby authorized and directed to pay the principal of and interest on the bonds issued by the authority under the provisions of this chapter, as such principal and interest shall respectively mature, […]
Section 16-16-13 Dissolution of authority. At any time when no bonds of the authority are outstanding, the authority may be dissolved upon the filing with the Secretary of State of an application for dissolution, which shall be subscribed by each of the members of the authority and sworn to by each such member before an […]
Section 16-16-14 Use of bond proceeds for loans to local boards of education. The proceeds derived from the sale of any bonds issued pursuant to subsection (b) of Section 3 of Act 98-373 shall be deposited in the State Treasury and shall be carried in a separate fund therein for the account of the authority, […]
Section 16-16-14.1 Sale of bonds and other details of bonds. From and after August 14, 2009, bonds issued by the authority under subsection (b) of Section 3 of Act 98-373 may be sold by negotiated sale or by competitive bid at such price or prices and at such time or times as the authority may […]
Section 16-16-14.2 Legislative intent. Act 2010-731 is adopted by the Legislature of the State of Alabama to amend certain provisions of the Code of Alabama 1975 and certain prior acts of the Legislature of Alabama and to make other provisions in a manner intended to permit the Alabama Public School and College Authority (the authority) […]
Section 16-16-15 Incentive fund and council. (a) There is hereby created the Alabama Public School and College Education Incentive Fund (Incentive Fund). Fifty-five million dollars ($55,000,000) from the first series of bonds issued pursuant to Act 2007-415 shall be deposited into the Incentive Fund. (b) There is hereby created the Alabama Public School and College […]
Section 16-16-16 Racial and ethnic diversity. (a) The authority shall hire or contract with businesses or individuals which reflect the racial and ethnic diversity of the state. (b) The authority shall hire or contract with attorneys, fiscal advisors, trustees, paying agents, investment bankers, banks, and underwriters which reflect the racial and ethnic diversity of the […]
Section 16-16-17 Swap agreements. Notwithstanding any other provision of law, including without limitation Article 3 of Chapter 1 of Title 41, the Public School and College Authority shall not enter into any swap agreement involving the bonds authorized to be issued by Act 2010-731 or Act 2009-813. For purposes of the preceding sentence, swap agreement […]
Section 16-16-2 Legislative findings of fact and declaration of intent; liberal construction of chapter. The Legislature hereby makes the findings of fact and declaration of intent hereinafter set forth in this section. The great increase during recent years in the number of students enrolled in the public schools and in other educational institutions in the […]
Section 16-16-3 Incorporation authorized. The Governor, the State Superintendent of Education and the Director of Finance may become a corporation with the power and authority hereinafter provided by proceeding according to the provisions of this chapter. (Acts 1965, 1st Ex. Sess., No. 243, p. 331, §3.)
Section 16-16-4 Application for incorporation. (a) To become a corporation, the Governor, the State Superintendent of Education and the Director of Finance shall present to the Secretary of State of Alabama an application signed by them which shall set forth: (1) The name, official designation and official residence of each of the applicants, together with […]
Section 16-16-5 Issuance and recording of certificate of incorporation; no fees to be paid. When the application has been made, filed and recorded as herein provided, the applicants shall constitute a corporation under the name proposed in the application, and the Secretary of State shall make and issue to the applicants a certificate of incorporation […]
Section 16-16-6 Members, officers and directors; quorum for transacting business; effect of death, resignation or expiration of term; salary; record of proceedings; copies of proceedings as evidence. The applicants named in the application and their respective successors in office shall constitute the members of the authority. The Governor shall be the president of the authority, […]
Section 16-16-7 Powers generally. The authority shall have the following powers: (1) To have succession by its corporate name until the principal of and interest on all bonds issued by it shall have been fully paid; (2) To sue and be sued and to prosecute and defend in any court having jurisdiction of the subject […]
Section 16-16-8 Authority empowered to sell and issue bonds for construction, etc., of facilities for public educational purposes; procedure for letting contracts. (a) The authority is hereby authorized from time to time to sell and issue its bonds, not exceeding $116,000,000.00 in aggregate principal amount, for the purpose of providing funds for construction, reconstruction, alteration […]
Section 16-16-9 Execution, form, terms and conditions of bonds; sale; refunding bonds; bonds to be limited obligations; security for payment; bonds as negotiable instruments; exemption from taxation; bonds as security for deposits and for investment of fiduciary funds. (a) The bonds of the authority shall be signed by its president and attested by its secretary, […]
