Alabama § 16-6K-5

§ 16-6K-5.

The authority shall have the following powers:

(1) To adopt an official seal and alter the same at its pleasure.

(2) To sue and be sued in contract and in tort and to complain and defend in all courts of law and equity.

(3) To maintain an office at such a place or places as it may designate.

(4) To borrow money and to issue bonds for the purpose of making loans to state charter educational institutions to finance project costs, and to provide for the rights of the purchasers, holders, or owners of such bonds.

(5) To make financing loans to any state charter educational institution in order to finance project costs, which financing loans may be evidenced or secured by loan agreements, mortgage pledges, promissory notes, security agreements, trust indentures, or such other instruments, and upon such terms and conditions as the board of directors of the authority shall determine to be reasonable.

(6) To arrange for various forms of security or credit enhancement for its bonds, including letters of credit, guaranties, policies of insurance, and the like.

(7) As security for the payment of the principal of and interest on any financing loan made to a state charter educational institution, to take a pledge of and security interest in:

a. State monies;

b. Federal monies;

c. Local funds;

d. Mortgage pledge of facilities; or

e. Any other monies or revenues received by such state charter educational institution.

(8) As security for the payment of the principal of and interest on its bonds, to pledge the revenues, receipts, funds, and other property out of which the financing loans made with the proceeds of its bonds are payable and to pledge, transfer, and assign any repayment obligations of financing loan recipients.

(9) As security for the payment of the principal of and interest on any financing loan made to a state charter school educational institution, to provide for any legally permitted intercept programs that would allow the authority to intercept charter school revenues eligible to make debt service payments on authority bonds prior to operating funds.

(10) To collect such fees and charges in connection with its financing loans and bonds including, but not limited to, reimbursement of administrative costs, as the authority shall determine to be reasonable.

(11) To make and execute contracts for the servicing of financing loans made by the authority and to pay the reasonable value of services rendered to the authority pursuant to such contracts.

(12) To invest proceeds of the bonds of the authority not required for immediate use in such manner as the board of directors shall determine.

(13) To establish accounts in one or more depositories.

(14) To make, enter into, and execute such financing agreements, loan agreements, contracts, or other instruments and to take such other actions as may be necessary or convenient to accomplish any purpose for which the authority was organized or to exercise any power granted to it.

(15) To charge to and apportion among participating state charter educational institutions the administrative costs and expenses incurred by the authority in the exercise of the powers and duties conferred upon it by this chapter.

(16) To pledge or mortgage all or any portion of any project costs conveyed to the authority for such purpose, whether presently owned or subsequently acquired, for the benefit of the holders of the bonds of the authority issued to finance such project costs or any portion thereof or issued to refund or refinance outstanding indebtedness of a state charter educational institution permitted by this chapter.

(17) To issue bonds for the purpose of refunding or refinancing outstanding bonds issued pursuant to this chapter or outstanding obligations incurred by state charter educational institutions for the purpose of financing or refinancing project costs, whether or not the bonds or other obligations are outstanding prior to or after October 1, 2026, provided that such indebtedness was originally incurred for the purpose of project costs as defined in this chapter.

(18) To exercise any power granted by the laws of the state to public institutions which is not in conflict with the purpose of this chapter.

(19) To adopt administrative regulations necessary or appropriate to effectuate its purpose and to administer the program authorized herein.