Ala. Admin. Code r. 290-1-2-.01.01

Current through Register Vol. 42, No. 8, May 31, 2024

Section 290-1-2-.01.01 - Warrant(s) To Be Reviewed And/Or Approved

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

Ala. Admin. Code r. 290-1-2-.01.01

New Rule: Filed January 14, 1993 effective February 19, 1993.

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.