HB743 Summary

• Authorizes the Alabama Public School and College Authority to issue up to $66,500,000 in bonds by December 1, 2010, for public education support and to satisfy swap agreement obligations.

• Pledges revenues from the Public School Fund and excise taxes from Act 2007-415 to pay principal and interest on bonds, with bonds constituting limited obligations not creating state debt.

• Allocates $32,302,687 to repay the Education Trust Fund for Act 2009-339 appropriations and $33,040,170 to local boards of education for school bus fleet renewal, distributed by the State Department of Education using Foundation Program methods.

• Permits bonds to be sold by negotiated sale or competitive public sale with Governor approval; requires consultation with House Education Appropriations and Senate Finance and Taxation committees for negotiated sales.

• Authorizes issuance of refunding bonds and prohibits bond issuance if the state receives $66,500,000 or more in federal funds after March 1, 2010, that can be used for school bus fleet renewal.