Alabama A&M, Snead State get part of $23.5 million from state bond sale

Alabama News

Alabama State Capitol in Montgomery, Alabama.

ALABAMA – Gov. Kay Ivey has announced a state bond sale has netted just over $23.5 million for five different educational institutions across the state.

  • Alabama A&M University – $508,754 for capital improvement and deferred maintenace projects
  • Alabama State Univesrity – $763,600 for improvements to the Southern Normal School in Brewton, the oldest Black boarding school in the state
  • Snead State Community College – $4 million to help establish a regional workforce training center in Marshall County
  • Talladega County Schools – $1.75 million to create the East Alabama Rural Innovation and Training Hub
  • University of Alabama – $16.5 million

The University of Alabama plans to invest its money into the Smart Communities and Innovation Building, a public-private partnership between the State of Alabama, The University, Alabama Power, and Mercedez-Benz U.S. International.

The partnership and building will provide critical research infrastructure and opportunities for innovative research in the transportation industry, specifically into connecting smart and resilient communities.

Low interest rates on the bonds led to $300 million in premium revenues for the Public School and College Authority, a state organization made up of Gov. Ivey, State Finance Director Kelly Butler, and State Education Superintendent Dr. Eric Mackey.

SB 242, passed in 2020, authorized the PSCA to sell up to $1.25 billion in bonds and allocate the money to every city and county K-12 school system across the state, along with higher education institutions.

In the end, 73% of the revenue went to K-12 schools and 27% went to two- and four-year colleges.

A list of previously awarded projects to educational institutions statewide can be found on the Governor’s website.

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