SB442 Summary

• Authorizes the Alabama Public School and College Authority to issue up to $175 million in bonds for school construction and renovation in North Alabama areas impacted by the 2005 Base Realignment and Closure (BRAC) and subsequent BRAC actions.

• Bonds may only be issued upon certification that 7,000 direct full-time jobs paying at least $85,000 annually can be attributed to BRAC-related activities at Redstone Arsenal.

• Requires local school districts to provide a dollar-for-dollar match in local funds and demonstrate a sales or property tax increase of at least one-half cent dedicated to schools on or after July 1, 2008.

• Bond proceeds distributed to school districts based on the percentage of Redstone Arsenal employees residing in each district, with distribution calculations determined by the City of Huntsville Federal Building Authority.

• School districts failing to meet local revenue requirements within 12 months of the determination date forfeit their allocated bond proceeds with no reallocation to other districts.