Code of Alabama - Title 16: Education - Chapter 16 - Alabama Public School and College Authority

• 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...
• 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...
• 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...
• 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...
• 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,...
• 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...
• 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...
• 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...
• 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, and the seal of the authority shall be...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...

Last modified: May 3, 2021