SB 62

This act is the Alabama Charter School Finance Authority Act. This act: (1) establishes and provides for the composition and administerial functions of the Alabama State Charter School Finance Authority as a public corporate entity; (2) provides the powers of the authority, including borrowing money and issuing bonds to make loans to state charter educational institutions to finance certain project costs; (3) provides procedures governing the issuance of such bonds, including refunding previously issued bonds; (4) requires such bonds be secured by dedicated sources of revenue of the education institution; and (5) exempts the authority and its property, bonds issued and the income and interest therefrom, and conveyances from all state taxes, recording fees, and license and excise taxes.