SB512 Summary

• Authorizes Alabama Public School and College Authority to issue $50,000,000 in bonds for workforce training and capital improvements supporting economic development and job creation.

• Bond proceeds payable solely from specific state tax revenues (excise taxes on utilities and sales, falling back to use tax if necessary) and do not constitute state debt.

• Bonds exempt from state taxation, usury laws, and eligible as security for state deposits and fiduciary fund investments.

• Authority must employ State Building Commission to supervise all construction projects and reimburse commission for reasonable costs; proceeds distributed through state treasurer and paid on warrants issued by authority.

• Allows authority to issue refunding bonds under specified conditions, requires competitive public bidding, and mandates Governor approval before bond sale; act effective upon passage.