HB304 Summary

• Authorizes the Alabama Public School and College Authority to issue $50,000,000 in bonds for capital improvements in public education and workforce development programs.

• Bond proceeds allocated as $30,000,000 for K-12 public school career tech equipment (distributed pro rata based on 2006-2007 average daily membership) and $20,000,000 for state obligations regarding Goodyear Tire & Rubber Co.

• Bonds are limited obligations payable solely from specific tax revenues: utility gross receipts tax, utility service use tax, sales tax, and use tax, after payments to previously issued bonds.

• Requires Governor approval before any bond series sale and mandates that the State Building Commission supervise all construction and equipping of buildings funded by bond proceeds.

• Bonds are exempt from state taxation, have maximum 20-year maturity with optional redemption after 10 years, and do not constitute state debt.