Title 16

While any of the bonds issued by the authority remain outstanding, the powers, duties, or existence of the authority or of any of its officers shall not be diminished or impaired in any manner that will affect adversely the interest and rights of the holders of such bonds. The pr…

All monies received by the authority pursuant to this chapter shall be deemed to be trust funds for the holders of the bonds and shall be held and applied for the benefit of the bondholders of the respective issues as provided in this chapter and as provided in the authorizing re…

It is the intent of the Legislature by passage of this chapter to enable the state, acting by and through the Alabama Charter School Finance Authority, to aid state charter educational institutions in the financing and refinancing of project costs on a tax-exempt basis. To this e…

As used in this chapter, the following terms have the following meanings: (1) AUTHORITY. The Alabama Charter School Finance Authority created by this chapter and any successor or successors thereto. Any change in name or composition of the authority shall in no way affect the ves…

There is hereby created a public body corporate and politic to be known as the Alabama State Charter School Finance Authority. The authority shall not be a state institution nor a department or agency of the state but shall be a public instrumentality performing an essential gove…

The authority shall have the following powers: (1) To adopt an official seal and alter the same at its pleasure. (2) To sue and be sued in contract and in tort and to complain and defend in all courts of law and equity. (3) To maintain an office at such a place or places as it ma…

(a) The authority is authorized and empowered to issue its bonds from time to time for the purpose of making financing loans to finance project costs incurred or to be incurred by state charter educational institutions. The bonds may be in such an aggregate principal amount as th…

(a) After making adequate provision for the payment of the expenses of issuance, the authority is authorized and empowered to use the proceeds of any bonds, together with any other available funds: (i) to finance project costs through financing loans to state charter educational …

(a) In order to provide for the funding of a financing loan by the authority to a state charter educational institution, the state charter educational institution shall establish a dedicated source of revenue to secure the repayment of monies received from the authority. (b) The …

Any bonds issued by the authority may from time to time be refunded by the issuance, by sale or exchange of refunding bonds or obligations payable from the same or different sources for the purpose of paying all or any part of the principal of the bonds to be refunded, any redemp…