SB512 Summary

• Authorizes the Alabama Public School and College Authority to issue and sell bonds, notes, and other debt obligations under the federal American Recovery and Reinvestment Act of 2009 or other governmental programs providing cost-savings or favorable conditions.

• Allows bonds to be sold through negotiated sale or competitive bid and permits flexibility in maturity dates and redemption terms as the Authority deems advantageous.

• Requires the Alabama Public School and College Education Incentive Fund Council to review bond issuances within 10 days of notification before they may be issued.

• Permits proceeds from "qualified school construction bonds" or "qualified zone academy bonds" to be provided only to local boards of education that pledge sufficient revenue for the entire bond maturation period to cover debt service obligations.

• Prohibits the Public School and College Authority from entering into any swap agreements involving bonds authorized by this act or prior Act 2009-813.