Alabama § 41-10-677 Payment of Training Costs Directly Out of Pledged Revenues

Alabama Statutes

§ 41-10-677 — Payment of Training Costs Directly Out of Pledged Revenues

Alabama·Title 41 State Government·Ch. 10 Authorities·Art. 17 Alabama 21st Century Authority·Div. 3 Job Development Act of 2001

In addition to the power to finance the payment of training costs through the issuance of the bonds, the authority may, if it determines that it is in the best interests of the state to do so, pay such training costs directly out of pledged revenues in the special fund, provided that any such payment in any fiscal year, together with debt service payable on outstanding bonds in such fiscal year, shall not exceed the total amount of pledged revenues permitted to be used by the Enabling Act to pay debt service on the authority’s outstanding bonds in such fiscal year.

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In addition to the power to finance the payment of training costs through the issuance of the bonds, the authority may, if it determines that it is in the best interests of the state to do so, pay such training costs directly out of pledged revenues in the special fund, provided that any such payment in any fiscal year, together with debt service payable on outstanding bonds in such fiscal year, shall not exceed the total amount of pledged revenues permitted to be used by the Enabling Act to pay debt service on the authority’s outstanding bonds in such fiscal year.

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