In addition to the power to finance the payment of training costs through the issuance of the bonds, the authority may, if it determines that it is in the best interests of the state to do so, pay such training costs directly out of pledged revenues in the special fund, provided that any such payment in any fiscal year, together with debt service payable on outstanding bonds in such fiscal year, shall not exceed the total amount of pledged revenues permitted to be used by the Enabling Act to pay debt service on the authority's outstanding bonds in such fiscal year.
Structure Code of Alabama
Article 17 - Alabama 21st Century Authority.
Division 3 - Job Development Act of 2001.
Section 41-10-670 - Short Title.
Section 41-10-671 - Legislative Findings and Purpose.
Section 41-10-672 - Definitions.
Section 41-10-673 - Powers and Duties of the Authority.
Section 41-10-674 - Authorization to Issue Bonds.
Section 41-10-675 - Pledge and Appropriation of Pledged Revenues.
Section 41-10-676 - Use of Bond Proceeds.
Section 41-10-677 - Payment of Training Costs Directly Out of Pledged Revenues.
Section 41-10-678 - Appointments.