Committee: Ways and Means EducationSponsor: Orr
Analyst: Daniel DavenportDate: 05/05/2020

FISCAL NOTE

Senate Bill 242 as passed the Senate, this bill authorizes the Alabama Public School and College Authority (APSCA) to issue $1,250,000,000 in bonds to be distributed as follows:

(1) K-12 - $912,125,000 as follows:

- $58,800,000 of which $400,000 shall be allocated to each state-supported local education agency, special department district, and separate school with its own board of directors;

- $426,662,500 to state-supported local education agencies, special department district, and separate school with its own board of directors or trustees, pro-rata, based on the 2019-2020 average daily membership for the first 20 scholastic days after Labor Day, or the anticipated 2020 enrollment of a separate school with no 2019-2020 average daily membership; and

- $426,662,500 to local education agencies, and separate school with its own board of directors or trustees, pro-rata, based on their respective share of the allocation of the Public School Fund for the fiscal year ending September 30, 2020;

(2) Higher Education Institutions - $217,824,121 for capital improvements as follows:

- $7,412,935 to Alabama A&M;

- $5,675,936 to Alabama State University;

- $4,567,295 to Athens State University;

- $36,414,835 to Auburn University;

- $7,574,052 to Auburn University at Montgomery;

- $11,979,462 to Jacksonville State University;

- $1,216,350 to Tuskegee University;

- $21,317,367 to Troy University;

- $41,338,122 to the University of Alabama;

- $27,972,283 to the University of Alabama at Birmingham;

- $13,033,631 to the University of Alabama at Huntsville;

- $3,744,829 to the University of Montevallo;

- $10,251,670 to the University of North Alabama;

- $18,159,466 to the University of South Alabama;

- $7,165,888 to the University of West Alabama; and

(3) Alabama Community College System - $120,050,879 to be expended for capital improvements.

The bond issuance would reduce receipts to the Education Trust Fund by an estimated $79,804,000 annually over a 20-year period.


 Bill Poole, Chair
Ways and Means Education