AL HB630

State of Alabama authorized to make annual payments to City of Huntsville Federal Building Authority beginning in 2011 through September 30, 2033, calculated by multiplying the number of new jobs in the BRAC Impacted Area by $2,500 per job.

BRAC Distribution payments allocated to cities and counties based on the percentage of Redstone Arsenal employees residing in each jurisdiction, as determined by statistical sampling obtained every three years.

Alabama Public School and College Authority authorized to issue $350,000,000 in bonds for construction of new school facilities and renovation of existing facilities in North Alabama school systems directly impacted by the 2005 BRAC.

School systems and political subdivisions eligible for bond proceeds only if they have increased sales tax rates by at least one-half cent (or equivalent property tax increase) since July 1, 2005, with exceptions for areas already at 9% combined sales tax rate or equivalent millage increases.

Bonds are limited obligations of the Alabama Public School and College Authority (not the State) payable from excise taxes on utilities, sales tax, and use tax revenues pledged to the Education Trust Fund, with maturities not exceeding 20 years.