Alabama § 16-6K-3

§ 16-6K-3.

As used in this chapter, the following terms have the following meanings:

(1) AUTHORITY. The Alabama Charter School Finance Authority created by this chapter and any successor or successors thereto. Any change in name or composition of the authority shall in no way affect the vested rights of any person under the provisions of this chapter.

(2) BOARD OF DIRECTORS. The board of directors of the authority.

(3) BONDS. The bonds of the authority issued under the provisions of this chapter, including revenue refunding bonds.

(4) COSTS. As applied to a project or any portion thereof financed under the provisions of this chapter, all or any part of the cost of construction, acquisition, alteration, enlargement, reconstruction, and remodeling of a project, including all lands, structures, real or personal property, rights-of-way, franchises, easements, permits, approvals, licenses, and certificates and the securing of such permits, approvals, licenses, and certificates, and interests acquired or used for or in connection with a project, the cost of demolishing or removing any buildings or structures on land so acquired, including the cost of acquiring any lands to which such buildings or structures may be moved, the cost of all machinery and equipment, financing charges, underwriters’ commissions or discounts, interest prior to, during, and for a period of six months following estimated completion of such construction and acquisition, provisions for reserves for principal and interest and for extensions, enlargements, additions, and improvements, the cost of architectural, engineering, financing and legal services, plans, specifications, studies, surveys, estimates of cost and revenues, administrative expenses, expenses necessary or incident to determining the feasibility or practicability of constructing the project, and other expenses as may be necessary or incident to the construction and acquisition of the project, the financing of the construction and acquisition and placing of the project in operation. All funds paid or advanced for any of the purposes aforesaid by any institution prior to the issuance of any of the authority’s revenue bonds may be refunded to the institution out of the proceeds of any revenue bonds so issued. Any obligation or expense incurred for any of the foregoing purposes shall be regarded as a part of the cost of the project and may be paid or reimbursed as such out of the proceeds of revenue bonds or notes issued under the provisions of this chapter for the project.

(5) FINANCING LOAN. A loan by the authority to a state charter educational institution pursuant to the terms of this chapter for the purpose of financing project costs incurred or to be incurred by such state charter educational institution.

(6) PROJECT. A structure or structures available for use as a dormitory or other student housing facility, a dining hall, student union, administration building, academic building, library, laboratory, research facility, classroom, athletics facility, health care facility, maintenance, storage or utility facility, and other structures or facilities related thereto or required or useful for the instruction of students or the conducting of research or the operation of an institution, whether proposed, under construction, or completed, including parking and other facilities or structures essential or convenient for the orderly conduct of such institution. The term includes landscaping, site preparation, furniture, equipment, and machinery and other similar items necessary or convenient for the operation of a particular facility or structure in the manner for which its use is intended. The term does not include any items the costs of which are customarily deemed to result in a current operating change.

(7) STATE. The State of Alabama.

(8) STATE CHARTER EDUCATIONAL INSTITUTION. Every public state charter school according to state laws, heretofore or hereafter established or acquired under statutory authorization of the Legislature of Alabama and existing as a public institution of learning supported in substantial part by state appropriations, or by revenues derived from the institution.