AL SB62

Creates the Alabama Charter School Finance Authority as a public body corporate to issue tax-exempt bonds for making loans to public charter schools for facility projects including dormitories, academic buildings, libraries, athletic facilities, and other educational structures

Authority board consists of the Governor (president), Chair of House Ways and Means Education Committee (vice president), State Superintendent of Education (secretary), Chair of Senate Finance and Taxation Education Committee, State Finance Director, and Executive Director of the State Charter School Commission

Bonds are limited obligations payable solely from loan repayments and related revenues, not from state appropriations, and do not create state debt obligations

Charter schools receiving loans must establish dedicated revenue sources for repayment, including state, federal, or local funds, mortgage pledges, or other revenues, at 110-125% of maximum annual debt service

Authority property, income, and bonds are exempt from all Alabama taxation; effective date is October 1, 2026