HB671 Summary

• Increases the Alabama Incentives Financing Authority's aggregate principal bond issuance limit from $175,000,000 to $300,000,000.

• Authorizes the Governor to enter into funding agreements with the authority allowing the state to replenish reserve funds if pledged revenues prove inadequate to pay debt service on authority bonds.

• Permits the authority to transfer surplus funds from its Special Fund to either the state General Fund or a Maintenance Fund for project operating and maintenance costs, subject to debt service coverage requirements.

• Expands the definition of "project" to include training facilities and establishes "training facility management fees" as a new financeable purpose alongside traditional industrial and research projects.

• Adds a new "Maintenance Fund" definition and clarifies that training facilities may be leased or transferred to the Alabama Public School and College Authority or State Board of Education's Industrial Development Training Institute.