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AL SB431
Bill
Status
3/20/2012
Primary Sponsor
Paul Bussman
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AI Summary
SB431 Summary
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Authorizes Alabama Public School and College Authority to issue $37,828,007 in bonds for capital improvements to schools damaged by April 27, 2011 tornadoes
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Bond proceeds allocated to six school districts and one community college: DeKalb County ($3,837,857), Franklin County ($11,673,678), Marion County ($13,836,740), Tuscaloosa City ($2,440,607), Tuscaloosa County ($1,119,125), and Wallace State Community College ($4,920,000)
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Pledges utility gross receipts tax, utility service use tax, sales tax, and use tax revenues as security for bond repayment; bonds are limited obligations not constituting state debt
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Requires all construction projects financed by bond proceeds be supervised by State Building Commission with Authority reimbursing the Commission's reasonable costs
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Bonds and interest exempt from all Alabama state taxation; authorizes refunding bonds; requires contracts reflect racial and ethnic diversity of the state
Legislative Description
Public School and College Authority, bonds, issuance of $1,070,585,022 billion for capital improvements for schools, colleges, other institutions, state agencies, and job training, revenue appropriated and pledged from utility gross receipts and service tax and sales and use tax with certain conditions, refunding bonds authorized, tax exemption provided from all state taxes and provision for federal income tax exemption, distribution formula provided, Education Facilities Excellence Act
Public School and College Authority
Last Action
Read for the first time and referred to the Senate committee on Finance and Taxation Education
3/20/2012