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AL HB749
Bill
Status
4/6/2010
Primary Sponsor
John Knight
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AI Summary
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Proposes a constitutional amendment to allow general obligation refunding bonds issued under Amendment 666 (Section 219.04) to exempt from the maximum aggregate principal limitations imposed by Amendments 666 and 796 (Sections 219.04 and 219.041).
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Refunding bonds may be issued in aggregate principal amounts exceeding the principal amount of bonds being refunded, as determined by the Bond Commission, provided the present value of debt service on refunding bonds does not exceed 97 percent of the present value of debt service on the bonds being refunded.
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Average maturity of refunding bonds shall not exceed by more than three years the average maturity of the bonds being refunded, calculated using a specific formula based on principal amounts and years to maturity.
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Amendments 666 and 796 remain in full force and effect except as modified by this amendment.
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Amendment requires voter approval by majority of qualified electors and directs the Governor to proclaim the election, with notice published in newspapers or posted at courthouses for four consecutive weeks prior to the election.
Legislative Description
Bonds, general obligation bonds issued under Amendment 666 (Section 219.04, Recompiled Constitution of Alabama of 1901, as amended), Alabama Capital Improvement Trust Fund, and increases in bonding authority pursuant to Amendment 796 (Section 219.041, Recompiled Constitution of Alabama of 1901, as amended), refunding bonds not subject to the amount of bond issuance authority, const. amend.
Constitutional Amendments
Last Action
Pending third reading on day 27 Favorable from Finance and Taxation General Fund
4/8/2010