The authority may from time to time sell and issue its bonds, not exceeding $15,000,000.00 in aggregate principal amount, for the purpose of providing funds for the construction and equipment of trade schools and junior colleges, including the improvement of sites therefor, the construction of buildings and the reconstruction, improvement and alteration of existing buildings therefor and the acquisition, purchase and installation of original equipment therefor. No part of the proceeds from the sale of the bonds may be used to pay the cost of the acquisition, by purchase or otherwise, of real estate to be used as a site for any such school or college or any building connected therewith or the acquisition, by purchase or otherwise, of any existing building.
Structure Code of Alabama
Chapter 60 - Trade Schools and Junior Colleges.
Article 4 - Alabama Trade School and Junior College Authority Act.
Section 16-60-80 - Short Title.
Section 16-60-81 - Definitions.
Section 16-60-82 - Legislative Findings of Fact and Declaration of Intent.
Section 16-60-83 - Authorization to Form Public Corporation.
Section 16-60-84 - Manner of Incorporation.
Section 16-60-85 - Issuance of Certificate of Incorporation.
Section 16-60-86 - Members, Officers and Proceedings of Authority.
Section 16-60-87 - Powers of Authority.
Section 16-60-88 - Determining Location of Trade Schools and Junior Colleges; Site Must Be Donated.
Section 16-60-90 - Authorization to Issue Bonds.
Section 16-60-92 - Refunding Bonds.
Section 16-60-93 - Deposit of and Disbursements From Proceeds of Bonds.
Section 16-60-94 - Revenues of Authority.