HB312 - Workforce Development and Training Act

• Authorizes the Alabama Public School and College Authority to issue up to $20,000,000 in bonds to expand workforce training programs operated by the Alabama Community College System for existing and expanding businesses.

• Creates a Workforce Development and Training Fund and a Workforce Development and Training Grant Committee to allocate bond proceeds based on regional workforce data and business skills gaps identified by local workforce development councils.

• Pledges specific excise tax revenues (utility gross receipts tax, utility service use tax, sales tax, and use tax) to pay principal and interest on the bonds, with bonds being limited obligations of the authority that do not create state debt.

• Grants the authority power to sell bonds competitively, hire service providers reflecting state racial and ethnic diversity, issue refunding bonds, and establish procedures ensuring federal tax compliance and appropriate fund management.

• Bonds and their income are exempt from state taxation and may be used to secure state deposits and fiduciary fund investments, with all provisions becoming effective immediately upon Governor approval.