Alabama § 16-6K-8

§ 16-6K-8.

(a) In order to provide for the funding of a financing loan by the authority to a state charter educational institution, the state charter educational institution shall establish a dedicated source of revenue to secure the repayment of monies received from the authority.

(b) The state charter educational institution is hereby authorized and empowered, any existing statute to the contrary notwithstanding, to do and perform any one or more of the following:

(1) To obligate itself to pay to the authority at periodic intervals a sum sufficient to provide for the payment of debt service with respect to the bonds of the authority issued to fund the financing loan made to the state charter educational institution and to pay over the debt service to the authority for the account of such state charter educational institution.

(2) To levy, collect, and pay over to the authority and to oblige itself to continue to levy, collect, and pay over to the authority the proceeds of any revenue dedicated for the purposes provided herein including, but not limited to:

a. State monies;

b. Federal monies;

c. Local funds;

d. Mortgage pledge; and

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

(3) To pledge as security for the payment of its contractual obligation to the authority hereunder the proceeds of any one or more of the sources specified in subdivision (2).

(4) To obligate itself to continue to levy and collect such revenues, fees, charges, and taxes as shall equal not less than 110 percent nor more than 125 percent, as determined by the authority of the maximum principal and interest maturing and coming due in any one year on the bonds issued by the authority to fund the financing loan to such state charter educational institution.

(5) To enter into such agreements, to perform such acts, and to delegate such functions and duties as its governing body shall determine to be necessary or desirable to enable the authority to fund a financing loan to such state charter educational institution.