Bill > SB62

This bill establishes the Alabama Charter School Finance Authority, a public entity designed to help state charter schools, which are public schools operating under a charter or contract, finance and refinance their building and operational costs on a tax-exempt basis. The Authority is empowered to issue bonds, which are essentially loans that the Authority then provides to charter schools for "project costs," a broad term encompassing the construction, acquisition, and equipping of facilities like dormitories, academic buildings, and research labs. These bonds are not backed by state funds but by the revenues generated by the charter schools themselves, and the schools are required to secure these loans by dedicating specific revenue sources, potentially including state or federal money, local funds, or mortgage pledges. The Authority's board of directors will include the Governor or their designee, chairs of key legislative education committees, the State Superintendent of Education, the State Finance Director, and the Executive Director of the State Charter School Commission, and they will have broad powers to manage finances, enter contracts, and invest funds. The bill also outlines provisions for the issuance and refunding of bonds, legal protections for the Authority and its members, and tax exemptions for the Authority's property and income, with the goal of facilitating the development and operation of charter schools in Alabama.

Budget and Finance

https://alison.legislature.state.al.us/bill-search