Ala. Code § 16-6K-4: Alabama State Charter School Finance Authority — Creation; Composition; Board of Directors; Proceedings; Liability.

There is hereby created a public body corporate and politic to be known as the Alabama State Charter School Finance Authority. The authority shall not be a state institution nor a department or agency of the state but shall be a public instrumentality performing an essential governmental function, being a distinct corporate entity. The Governor or his or her designee shall be the president of the authority, the Chair of the House Ways and Means Education Committee shall be the vice president, the State Superintendent of Education shall be the secretary, and the Chair of the Senate Finance and Taxation Education Committee, the State Finance Director, and the Executive Director of the State Charter School Commission shall be members. The State Treasurer or any bank having trust powers or any trust company shall be treasurer of the authority, shall act as custodian of its funds, and shall pay the principal of and interest on the bonds of the authority out of the funds hereinafter provided for. The members of the authority shall constitute all the members of the board of directors of the authority, and any three members of the board of directors shall constitute a quorum for the transaction of business. Should any individual holding any state office named in this section cease to hold such office by reasons of death, resignation, expiration of his or her term of office, or for any other reason, then his or her successor in office shall take his or her place as a member, officer, or director, as the case may be, of the authority. No member, officer, or director of the authority shall draw any salary in addition to that now authorized by law for any service he or she may render or for any duty he or she may perform in connection with the authority. All proceedings had and done by the board of directors shall be reduced to writing by the secretary of the authority, shall be signed by at least two members of the authority, and shall be recorded in a substantially bound book and filed in the office of the secretary. Copies of such proceedings, when certified by the secretary of the authority, under the seal of the authority, shall be received in all courts as prima facie evidence of the matters and things therein certified. The members, officers, executive director, employees, and representatives of the authority shall be immune from suit and liability, both personally and in their official capacity, for any claim or damage to or loss of property or personal injury or other civil liability caused by or arising out of any actual or alleged act, error, or omission that occurred, or that the individual against whom the claim is made had a reasonable basis for believing occurred within the scope of board employment, duties, or responsibilities. Nothing in this section shall be construed to protect any individual from suit or liability for any damage, loss, injury, or liability caused by the intentional, willful, or wanton misconduct of that individual. The procurement of insurance of any type by the board does not in any way compromise or limit the immunity granted by this section.