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SB62 ENROLLED
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SB62
U9E1CDD-3
By Senator Orr
RFD: Finance and Taxation Education
First Read: 13-Jan-26
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First Read: 13-Jan-26
Enrolled, An Act,
To provide for the establishment of the Alabama Charter
School Finance Authority; to permit the authority to issue
bonds for the purpose of making financing loans to state
charter educational institutions to finance and refinance
project costs; and to require each state charter educational
institution that receives a financing loan to maintain a
dedicated source of revenue to repay such financing
loans.
BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:
Section 1. This chapter may be cited as the Alabama
Charter School Finance Authority Act.
Section 2. It is the intent of the Legislature by
passage of this chapter to enable the state, acting by and
through the authority, to aid state charter educational
institutions in the financing and refinancing of project costs
on a tax-exempt basis. To this end, the Legislature intends to
authorize the authority to issue bonds for the purpose of
providing funds to enable the authority to make loans to state
charter educational institutions to pay project costs; and to
provide that state charter educational institutions shall
secure the payment of such loans out of a dedicated source of
revenue. This article shall be liberally construed in
conformity with the intentions of the Legislature expressed
above.
Section 3. As used in this chapter, the following terms
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Section 3. 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 vested rights of any
person under the provisions of this chapter.
(2) BOARD OF DIRECTORS. The board of directors of the
authority.
(3) BONDS. The bonds of the authority issued under the
provisions of this chapter, including revenue refunding bonds.
(4) COSTS. As applied to a project or any portion
thereof financed under the provisions of this chapter, all or
any part of the cost of construction, acquisition, alteration,
enlargement, reconstruction, and remodeling of a project
including all lands, structures, real or personal property,
rights-of-way, franchises, easements, permits, approvals,
licenses, and certificates and the securing of such permits,
approvals, licenses, and certificates, and interests acquired
or used for or in connection with a project, the cost of
demolishing or removing any buildings or structures on land so
acquired, including the cost of acquiring any lands to which
such buildings or structures may be moved, the cost of all
machinery and equipment, financing charges, underwriters'
commissions or discounts, interest prior to, during, and for a
period of six months following estimated completion of such
construction and acquisition, provisions for reserves for
principal and interest and for extensions, enlargements,
additions, and improvements, the cost of architectural,
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additions, and improvements, the cost of architectural,
engineering, financing and legal services, plans,
specifications, studies, surveys, estimates of cost and
revenues, administrative expenses, expenses necessary or
incident to determining the feasibility or practicability of
constructing the project, and such other expenses as may be
necessary or incident to the construction and acquisition of
the project, the financing of such construction and
acquisition and placing of the project in operation. All funds
paid or advanced for any of the purposes aforesaid by any
institution prior to the issuance of any of the authority's
revenue bonds may be refunded to such institution out of the
proceeds of any revenue bonds so issued. Any obligation or
expense incurred for any of the foregoing purposes shall be
regarded as a part of the cost of the project and may be paid
or reimbursed as such out of the proceeds of revenue bonds or
notes issued under the provisions of this chapter for such
project.
(5) FINANCING LOAN. A loan by the authority to a state
charter educational institution pursuant to the terms of this
chapter for the purpose of financing project costs incurred or
to be incurred by such state charter educational institution.
(6) PROJECT. A structure or structures available for
use as a dormitory or other student housing facility, a dining
hall, student union, administration building, academic
building, library, laboratory, research facility, classroom,
athletics facility, health care facility, maintenance, storage
or utility facility, and other structures or facilities
related thereto or required or useful for the instruction of
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related thereto or required or useful for the instruction of
students or the conducting of research or the operation of an
institution, whether proposed, under construction or
completed, including parking and other facilities or
structures essential or convenient for the orderly conduct of
such institution, and shall also include landscaping, site
preparation, furniture, equipment, and machinery and other
similar items necessary or convenient for the operation of a
particular facility or structure in the manner for which its
use is intended, but shall not include any items the costs of
which are customarily deemed to result in a current operating
change.
(7) STATE. The State of Alabama.
(8) STATE CHARTER EDUCATIONAL INSTITUTION. Every public
state charter school according to state laws, heretofore or
hereafter established or acquired under statutory
authorization of the Legislature of Alabama and existing as a
public institution of learning supported in substantial part
by state appropriations, or by revenues derived from the
institution.
Section 4. There is hereby created a public body
corporate and politic to be known as the Alabama State Charter
School Finance Authority. Said authority shall not be a state
institution nor a department or agency of the state but shall
be a public instrumentality performing an essential
governmental function, being a distinct corporate entity. The
Governor or his or her designee shall be the president of the
authority, the Chair of the House Ways and Means Education
Committee shall be the vice president thereof, the State
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Committee shall be the vice president thereof, the State
Superintendent of Education shall be the secretary thereof,
the Chair of the Senate Finance and Taxation Education, the
State Finance Director, and the Executive Director of the
State Charter School Commission shall be members thereof. The
State Treasurer or any bank having trust powers or any trust
company shall be treasurer thereof, shall act as custodian of
its funds, and shall pay the principal of and interest on the
bonds of the authority out of the funds hereinafter provided
for. The members of the authority shall constitute all the
members of the board of directors of the authority, and any
three members of the said board of directors shall constitute
a quorum for the transaction of business. Should any person
holding any state office named in this section cease to hold
such office by reasons of death, resignation, expiration of
his or her term of office, or for any other reason, then his
or her successor in office shall take his or her place as a
member, officer, or director, as the case may be, of the
authority. No member, officer, or director of the authority
shall draw any salary in addition to that now authorized by
law for any service he or she may render or for any duty he or
she may perform in connection with the authority. All
proceedings had and done by the board of directors shall be
reduced to writing by the secretary of the authority, shall be
signed by at least two members of the authority, and shall be
recorded in a substantially bound book and filed in the office
of the secretary. Copies of such proceedings, when certified
by the secretary of the authority, under the seal of the
authority, shall be received in all courts as prima facie
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authority, shall be received in all courts as prima facie
evidence of the matters and things therein certified. The
members, officers, executive director, employees, and
representatives of the authority shall be immune from suit and
liability, both personally and in their official capacity, for
any claim or damage to or loss of property or personal injury
or other civil liability caused by or arising out of any
actual or alleged act, error, or emission that occurred, or
that the individual against whom the claim is made had a
reasonable basis for believing occurred within the scope of
board employment, duties, or responsibilities. Nothing in this
subsection shall be construed to protect any individual from
suit or liability for any damage, loss, injury, or liability
caused by the intentional, willful, or wanton misconduct of
that individual. The procurement of insurance of any type by
the board does not in any way compromise or limit the immunity
granted by this subsection.
Section 5. 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 may designate.
(4) To borrow money and to issue bonds for the purpose
of making loans to state charter educational institutions to
finance project costs, and to provide for the rights of the
purchasers, holders, or owners of such bonds.
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purchasers, holders, or owners of such bonds.
(5) To make financing loans to any state charter
educational institution in order to finance project costs,
which financing loans may be evidenced or secured by loan
agreements, mortgage pledges, promissory notes, security
agreements, trust indentures, or such other instruments, and
upon such terms and conditions as the board of directors of
the authority shall determine to be reasonable.
(6) To arrange for various forms of security or credit
enhancement for its bonds, including letters of credit,
guaranties, policies of insurance, and the like.
(7) As security for the payment of the principal of and
interest on any financing loan made to a state charter
educational institution, to take a pledge of and security
interest in:
a. State monies;
b. Federal monies;
c. Local funds;
d. Mortgage pledge of facilities; or
e. Any other monies or revenues received by such state
charter educational institution.
(8) As security for the payment of the principal of and
interest on its bonds, to pledge the revenues, receipts,
funds, and other property out of which the financing loans
made with the proceeds of its bonds are payable and to pledge,
transfer, and assign any repayment obligations of financing
loan recipients.
(9) As security for the payment of the principal of and
interest on any financing loan made to a state charter school
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interest on any financing loan made to a state charter school
educational institution, the authority may provide for any
legally permitted intercept programs that would allow the
authority to intercept charter school revenues eligible to
make debt service payments on authority bonds prior to
operating funds.
(10) To collect such fees and charges in connection
with its financing loans and bonds including, but not limited
to, reimbursement of administrative costs, as the authority
shall determine to be reasonable.
(11) To make and execute contracts for the servicing of
financing loans made by the authority and to pay the
reasonable value of services rendered to the authority
pursuant to such contracts.
(12) To invest proceeds of the bonds of the authority
not required for immediate use in such manner as the board of
directors shall determine.
(13) To establish accounts in one or more depositories.
(14) To make, enter into, and execute such financing
agreements, loan agreements, contracts, or other instruments
and to take such other actions as may be necessary or
convenient to accomplish any purpose for which the authority
was organized or to exercise any power granted to it.
(15) To charge to and apportion among participating
state charter educational institutions the administrative
costs and expenses incurred by the authority in the exercise
of the powers and duties conferred upon it by this chapter.
(16) To pledge or mortgage all or any portion of any
project costs conveyed to the authority for such purpose,
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project costs conveyed to the authority for such purpose,
whether presently owned or subsequently acquired, for the
benefit of the holders of the bonds of the authority issued to
finance such project costs or any portion thereof or issued to
refund or refinance outstanding indebtedness of a state
charter educational institution permitted by this chapter.
(17) To issue bonds for the purpose of refunding or
refinancing outstanding bonds issued pursuant to this chapter
or outstanding obligations incurred by state charter
educational institutions for the purpose of financing or
refinancing project costs, whether or not such bonds or other
obligations are outstanding prior to or after the effective
date of this act, provided that such indebtedness was
originally incurred for the purpose of project costs as
defined in this chapter.
(18) To exercise any power granted by the laws of the
state to public institutions which is not in conflict with the
purpose of this article.
(19) To adopt administrative regulations necessary or
appropriate to effectuate its purpose and to administer the
program authorized herein.
Section 6. (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. Such
bonds may be in such an aggregate principal amount as the
board of directors shall determine to be necessary to pay the
project costs included in such financing. The authority may
pay from the proceeds of the sale of its bonds all expenses,
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pay from the proceeds of the sale of its bonds all expenses,
including publication and printing charges, attorney fees,
financial advisory fees, and other expenses which the board of
directors may deem necessary or advantageous in connection
with the authorization, advertisement, sale, execution, and
issuance of its bonds or the making of financing loans from
the proceeds thereof.
(b) All bonds issued by the authority shall be limited
obligations of the authority payable solely from any
combination of the following:
(1) The revenues, receipts, funds, and other property
of the authority derived from the repayment of financing loans
made with proceeds of such bonds.
(2) Amounts derived from any letter of credit,
insurance policy, or any other form of credit enhancement
applicable to the bonds or financing loans made from the
proceeds thereof.
(3) Any reserve fund, debt service fund, or other fund
established for the purpose of making or providing for the
payment of debt service on such bonds.
(4) Any earnings on the proceeds of bonds invested by
the authority pending their disbursement.
Bonds shall not be general obligations of the
authority, shall not be payable from any state appropriations,
and shall not create a debt or obligation of the state.
(c) The principal of, premium, if any, and interest on
any bonds issued by the authority shall be secured by a pledge
of the revenues, receipts, funds, and other property out of
which the same may be payable and may be secured by a trust
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which the same may be payable and may be secured by a trust
indenture conveying as security for such bonds all or any part
of the property of the authority from which the revenues or
receipts so pledged may be so derived.
(1) The resolution of the board of directors under
which any bonds are authorized to be issued and any trust
indenture relating thereto may contain any agreements and
provisions respecting the collection and disposition of the
revenues and receipts subject to such trust indenture, the
creation and maintenance of special funds from such revenues
and receipts, the rights, duties, and remedies of the parties
to any such instrument and the parties for the benefit of whom
such instrument is made and the rights and remedies available
in the event of default, all as the board of directors shall
deem advisable. Any pledge made with respect to bonds shall be
valid and binding from the time such pledge is made; the
revenues, receipts, funds, and other properties so pledged
shall immediately be subject to the lien of such pledge
without any physical delivery thereof or further act; and the
lien of such pledge shall be valid and binding as against all
parties having claims of any kind against the authority
irrespective of whether any such parties have notice thereof.
Neither the resolution of the board of directors authorizing
the bonds nor any other instrument by which such a pledge is
created need be recorded. Each pledge, agreement, or trust
indenture made for the benefit or security of any holders of
the bonds of the authority shall continue effective until the
principal of and interest on the bonds for the benefit of
which the same were made shall have been fully paid.
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which the same were made shall have been fully paid.
(2) In the event of default in such payment or in any
agreements of the authority made as a part of the contract
under which the bonds were issued, whether contained in the
proceedings authorizing the bonds or in any trust indenture
executed as security therefore, such default may be enforced
by writ of mandamus or any other available remedy under state
law.
(d) All bonds issued by the authority shall be signed
by the president or the vice president of the authority and
attested by its secretary, and the seal of the authority shall
be affixed thereto and attested to by the secretary. The
signatures of the president and the secretary may be facsimile
signatures, and a facsimile of the seal of the authority may
be imprinted on bonds if the board of directors provides for
the manual authentication of bonds by a trustee or paying
agent. Delivery of any bonds so executed shall be valid
notwithstanding any change in the officers of the authority or
in the seal of the authority after its delivery.
(e) Bonds may be executed and delivered by the
authority at any time and from time to time, shall be in such
form and denominations and of such tenor and maturities, shall
contain such provisions not inconsistent with the provisions
of this article, and shall bear such rate or rates of
interest, payable and evidenced in such manner, or may bear no
interest, as may be provided by resolution of the board of
directors. Bonds of the authority may be sold at either public
or private sale in such manner and at such price or prices and
at such time or times as may be determined by the board of
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at such time or times as may be determined by the board of
directors to be most advantageous. The authority may pay all
fees, expenses, premiums, and commissions incurred in
connection with the issuance of any of its bonds. All bonds
shall be construed to be negotiable instruments although
payable solely from a specified source. The board of directors
may provide, in its discretion, that such bonds shall bear
interest at a rate or rates fixed at the time of the issuance
thereof, or at fixed rates which may be changed from time to
time during the term of such bonds in accordance with an
objective procedure determined by such board of directors at
the time of the issuance of such bonds, or at a floating rate
or rates which may change from time to time in connection with
published interest rates or indexes that reflect an objective
response to market changes and interest rates by banks,
governmental agencies, or other generally recognized public or
private sources of information concerning interest rates. The
board of directors may also provide, in its discretion, that
interest on such bonds may be payable in cash at fixed
intervals, or through one or more payments which reflect
compound interest computed at specified intervals on accrued
but unpaid interest, or through a discount in the sales price
for such bonds equivalent to compound interest on such bonds
for all or part of the term thereof, or through any
combination of the foregoing methods of providing for the
payment of interest.
Section 7. (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,
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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 institutions, as herein authorized; (ii) to fund
such reserves as the authority deems necessary and desirable;
and (iii) to the extent not needed for the foregoing uses, to
pay or redeem such bonds.
(b) Pending the application of the proceeds of bonds to
the purpose or purposes of which such bonds were issued, such
proceeds may be invested by the authority in such manner,
consistent with the resolution pursuant to which such bonds
are issued, as the board of directors may deem advisable.
(c) Any and all revenues, receipts, investment
earnings, and other funds paid to, or otherwise coming into
the possession of, the authority as the result of financing
accomplished from the proceeds of bonds, shall be held,
deposited, administered, invested, and applied as provided in
the resolution of the board of directors authorizing the
issuance of such bonds and as provided in any trust indenture,
or other agreement delivered in connection therewith, or
otherwise as the authority may direct, consistent with the
provisions of such resolution, trust indenture, or other
agreement.
Section 8. (a) In order to provide for the funding of a
financing loan by the authority to a state charter educational
institution, such state charter educational institution shall
establish a dedicated source of revenue to secure the
repayment of monies received from the authority.
(b) Such state charter educational institution is
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(b) Such state charter educational institution is
hereby authorized and empowered, any existing statute to the
contrary notwithstanding, to do and perform any one or more of
the following:
(1) To obligate itself to pay to the authority at
periodic intervals a sum sufficient to provide for the payment
of debt service with respect to the bonds of the authority
issued to fund the financing loan made to such state charter
educational institution and to pay over such debt service to
the authority for the account of such state charter
educational institution.
(2) To levy, collect, and pay over to the authority and
to oblige itself to continue to levy, collect, and pay over to
the authority the proceeds of any revenue dedicated for the
purposes provided herein including, but not limited to:
a. State monies;
b. Federal monies;
c. Local funds;
d. Mortgage pledge; and
e. Any other monies or revenues received by such state
charter educational institution.
(3) To pledge as security for the payment of its
contractual obligation to the authority hereunder the proceeds
of any one or more of the sources specified in subdivision
(2).
(4) To obligate itself to continue to levy and collect
such revenues, fees, charges, and taxes as shall equal not
less than 110 percent nor more than 125 percent, as determined
by the authority of the maximum principal and interest
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by the authority of the maximum principal and interest
maturing and coming due in any one year on the bonds issued by
the authority to fund the financing loan to such state charter
educational institution.
(5) To enter into such agreements, to perform such
acts, and to delegate such functions and duties as its
governing body shall determine to be necessary or desirable to
enable the authority to fund a financing loan to such state
charter educational institution.
Section 9. 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 redemption
premium required to be paid as a condition to the redemption
prior to maturity of any such bonds that are to be so redeemed
in connection with such refunding, any accrued and unpaid
interest on the bonds to be refunded, any interest to accrue
on each revenue bond to be refunded to the date on which it is
to be paid, whether at maturity or by redemption prior to
maturity, and the expenses incurred in connection with the
refunding; provided, that unless duly called for redemption
pursuant to provisions contained therein, the holders of any
such bonds then outstanding and proposed to be refunded shall
not be compelled without their consent to surrender their
outstanding bonds for such refunding. Any refunded bonds or
obligations may be sold by the authority at public or private
sale at such price or prices as may be determined by the board
of directors to be most advantageous or may be exchanged for
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of directors to be most advantageous or may be exchanged for
the bonds to be refunded. Any such refunding bonds or
obligations may be executed and delivered by the authority at
any time and from time to time, shall be in such form and
denominations and have such tenor and maturities, shall
contain such provisions not inconsistent with the provisions
of this article, and shall bear such rate or rates of
interest, payable and evidenced in such manner, as may be
provided by resolution of the board of directors. Any
refunding bonds or obligations issued by the authority shall
be issued and secured in accordance with the provisions of
Section 6.
Section 10. The State Treasurer may invest any idle or
surplus money of the state in bonds of the authority. The
governing body of any county or municipality is authorized in
its discretion to invest any idle or surplus money held in its
treasury in bonds of the authority. Such bonds shall be legal
investments for executors, administrators, trustees, and other
fiduciaries, unless otherwise directed by the court having
jurisdiction of the fiduciary relation or by the document that
is the source of the fiduciary's authority, and for savings
banks and insurance companies organized under the laws of the
state.
Section 11. The property and income of the authority,
all bonds issued by the authority, the income from such bonds
or from any other sources, the interest and other profits from
such bonds ensuring to and received by the holders thereof,
conveyances by and to the authority and leases, mortgages, and
deeds of trust by and to the authority shall be exempt from
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deeds of trust by and to the authority shall be exempt from
all taxation in the State of Alabama. The authority shall not
be obligated to pay or allow the payment of any fees, taxes,
or costs to the Secretary of State or to any judge of probate
of any county in connection with the recording by it of any
document or otherwise, the authority being hereby exempted
from the payment of any such fees, taxes, and costs. No
license or excise tax may be imposed by any authority with
respect to the privilege of engaging in any of the activities
in this chapter.
Section 12. The authority's legal situs or residence
for the purpose of this chapter shall be Montgomery County.
Any action to protect or enforce any rights under the
provisions of this chapter shall be brought in the circuit
court of Montgomery County, Alabama, and said court shall have
exclusive original jurisdiction of all such actions.
Section 13. 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 provisions of this chapter shall be for the benefit
of the state, the authority, and the holders of any such
bonds, and, upon the issuance of the bonds as herein provided,
such provisions shall constitute a contract with the holders
of such bonds. The provisions of any bond resolution,
indenture, or trust agreement shall be a contract with every
holder of such bonds, and the duties of the authority under
any such bond resolution, indenture, or trust agreement shall
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any such bond resolution, indenture, or trust agreement shall
be enforceable by any bondholder by mandamus or other
appropriate suit, action, or proceeding at law or in equity.
Section 14. 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
resolutions of the authority.
Section 15. The provisions of this act are severable.
If any part of this act is declared invalid or
unconstitutional, such a declaration shall not affect the part
which remains.
Section 16. All laws or parts of laws which conflict
with this act are repealed.
Section 17. This act shall become effective on October
1, 2026.
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1, 2026.
________________________________________________
President and Presiding Officer of the Senate
________________________________________________
Speaker of the House of Representatives
SB62
Senate 05-Feb-26
I hereby certify that the within Act originated in and passed
the Senate, as amended.
Patrick Harris,
Secretary.
House of Representatives
Passed: 08-Apr-26
By: Senator Orr
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