HB263 Summary

• Authorizes the Alabama Public School and College Authority to use unused proceeds, premium income, and investment income from bonds originally issued under Act 99-348 (1999) and Act 2002-240 (2002) for new public education purposes.

• Permits funds to be used for construction, reconstruction, alteration, improvement, and equipping of buildings and facilities for general public education purposes.

• Allows the authority to expend up to $200,000 from these bond proceeds for administrative costs.

• Act 99-348 originally authorized $89,000,000 in bonds for worker training facilities; Act 2002-240 originally authorized $75,000,000 in bonds for workforce development and training facilities related to automotive manufacturing companies.

• Takes effect immediately upon passage and approval by the Governor.