C. Uncontroverted Facts.
In accordance with §ll-81-222(a), the following uncontro verted facts were proven during the evidentiary hearing:
1. The "Tax" Ordinance was duly adopted by the County Commission at its Regular Meeting on August 19, 2002. See Plaintiff Exhibits 1, 2, 19, 20, 71; TR 168-83.
2. The Warrant Resolution was duly adopted by the Board at its Special Meeting on August 19, 2002, pursuant to the written recommendation of the Superintendent of the Board, and was affirmed by the Board at its Special Meeting on September 17, 2002. See Plaintiff Exhibits 3, 4, 5, 6A, 21, 72; TR 116-131; 158-59.
3. The principal amount of the "Warrants" that the "Board" will issue is $100,000,000. See Plaintiff Exhibits 6A; TR 65-66;143.
4. The maximum rate of interest the "Warrants" are to bear will not exceed eight percent (8%) per annum. See Plaintiff Exhibits 6A; TR 65.
5. The principal of the "Warrants" is payable in annual installments on July 1 of each year commencing July 1, 2004 and continuing on July 1 of each year thereafter with a final maturity on July 1, 2023. See Plaintiff Exhibits 6A; TR 65.
6. Interest on the "Warrants" is payable semi-annually on each January 1 and July 1. See Plaintiff Exhibits 6A; TR 65.
7. The place of payment shall be the Office of the Depository, Regions Bank, in Montgomery, Alabama. See Plaintiff Exhibits 6A; TR 66.
8. The "Warrants" are to be paid from the proceeds of the Tax (less the costs of collection), and the tax revenues projected to be generated from the "Tax" will be adequate to cover the debt service for the payments. See Plaintiff Exhibits 2, 6A; TR 68-71.
9. There is no outstanding indebtedness payable or secured by the Tax. TR 71-72.
10. The gross assessed value of all property in the County for the fiscal year ended September 30, 2001 was $1,960,248,500 and the net taxable valuation of all property in the County for such fiscal year was $1,725,525,360. TR 146-47.
11 The monies derived from the Tax (less the cost of collection) shall be paid over to the Custodian of Public School Funds of the County and used and expended exclusively for public school purposes, including specifically and without limitation, capital improvements and the payment of debt service on obligations issued by the County or the Board for public school purposes, and the County or the Board may pledge the "Tax" for any of such purposes. See Plaintiffs' Exhibits 2 TR.
12. The proceeds from the Warrants shall be used to provide funds for capital improvements to the Board's educational facilities, including major construction projects at the estimated cost of $48,500,000 and renovations and/or additions to existing schools at the estimated cost of $51,500,000. The proceeds from the "Warrants" will cover approximately one-third of the remediation and new construction needs of the County public school system. See Plaintiff Exhibits 6A; TR 143-45.
13. The remaining proceeds from the "Tax" (less cost of collection) shall also be used exclusively for public school purposes, including implementation of the Montgomery Public School Strategic Plan developed by over 150 citizens. See Plaintiff Exhibits 8, 31, 33, 34, 37, 38, 40, 41, 42; TR 106-13, 416-46.
14. Due and proper legal notice to the taxpayers and citizens of the County has been given by publication in The Montgomery Advertiser on August 22, 2002, August 29, 2002 and September 5, 2002. See Plaintiff Exhibits 12, 13, 14, 17 and 18.
On October 28, 2002, this cause came on for hearing on the Complaint seeking validation of The "Board" proposed Special Tax School Warrants, Series A.
Present for the hearing were the legal representatives of The Board of Education of Montgomery County, Alabama (the "Board") and the Board Members, the Montgomery County Commission (the "County Commission"), the Taxpayers and Citizens of Montgomery County, Alabama represented by the District Attorney for Montgomery County and numerous taxpayers and citizens who have intervened in this proceeding (the "Intervenors").
The Court having taken and considered sworn testimony and the oral arguments and written briefs submitted by the parties finds as follows, based upon the evidence presented in this cause: