Alabama Administrative Code
Title 290 - ALABAMA STATE BOARD OF EDUCATION
Chapter 290-1-2 - REVIEW BY THE STATE SUPERINTENDENT OF EDUCATION OF ACTIONS BY COUNTY AND CITY BOARDS OF EDUCATION
Section 290-1-2-.01.01 - Warrant(s) To Be Reviewed And/Or Approved
Universal Citation: AL Admin Code R 290-1-2-.01.01
Current through Register Vol. 42, No. 11, August 30, 2024
The State Superintendent of Education shall review and/or approve each application by/for each county or city board of education for the sale of Tax Anticipation Warrants and/or Notes in Anticipation of Warrants and/or Warrants for Public Construction.
(1) Tax Anticipation Warrants.
(a) Tax Anticipation Warrants in Cities and
Counties proposed to be issued pursuant to Code of Ala.
1975, §§
16-13-70 through
16-13-77.
(b) Warrants for Special County and District
Taxes proposed to be issued pursuant to Code of Ala.
1975, §§
16-13-90 through
16-13-109.
(c) Warrants for Special License, Privilege
or Excise Taxes to be issued pursuant to Code of Ala.
1975, §§
16-13-120 through
16-13-122.
(2) Notes in Anticipation of Warrants.
(a) Notes in Anticipation of
Warrants proposed to be issued pursuant to Code of Ala.
1975, §§
16-13-210 through
16-13-217.
(3) Warrants for Public Construction.
(a) Proposal for agreement
pertaining to Warrants for Public Construction pursuant to Code of
Ala. 1975, Title 11, Chapter 28 for capital outlay or debt
refunding for capital outlay.
(b)
Exceptions to Alabama Administrative Code r. 290-1-2-.01.01(3)(a) (above).
1. Proposed agreement pertaining to warrant
issues and refunding issues with a county, city, or other agency shall not be
approved when subject issue or agreement includes monies for operations,
except:
(i) in the case when there is a net
savings to the local board of education due to refunding a warrant issue;
and
(ii) the time for repayment of
the refunded warrant is not extended.
Author: Mr. William J. Rutherford
Statutory Authority: Code of Ala. 1975, §§ 16-4-8; 16-13-70 through 16-13-77; 16-13-90 through 16-13-109; 16-13-120 through 16-13-122.
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