SB78 Summary

• Authorizes the Alabama Public School and College Authority to use unused proceeds, premium income, and investment income from bonds issued under Act 99-348 (1999) and Act 2002-240 (2002) for construction, reconstruction, alteration, improvement, and equipping of buildings and facilities for public education purposes.

• Allows the Authority to expend these bond proceeds for any other purposes for which the Authority has previously issued bonds.

• Permits the Authority to spend up to $200,000 from the identified bond proceeds, premium income, and investment income to cover administrative costs.

• Becomes effective immediately upon passage and approval by the Governor.